Insistent Client Request Form

At Pension Works, acting in our clients’ best interests is at the heart of the advice we provide. This means that, in some circumstances, our professional recommendation may differ from the course of action a client wishes to take.

Where this happens, we will explain:

• the advice we have provided;
• the reasons for our recommendation;
• the risks associated with the alternative course of action; and
• why we believe our recommendation is more suitable for your circumstances and objectives.

What is an Insistent Client?

The Financial Conduct Authority (FCA) describes an insistent client transaction as one where:

• a firm has provided a personal recommendation to a client;
• the client chooses to proceed with a transaction that differs from that recommendation; and
• the client asks the firm to facilitate the transaction despite the advice given.

If, after receiving our advice, you still wish to proceed against our recommendation, we may consider whether we are able to facilitate the transaction on an insistent client basis.

Important Considerations Before Proceeding

Transferring out of a defined benefit pension scheme is a significant financial decision and will usually involve giving up valuable safeguarded benefits. By transferring to a defined contribution pension arrangement, you may become exposed to many new risks. It is therefore important that you carefully consider our recommendation and ensure that you fully understand both the benefits you may be giving up and the risks associated with proceeding against our advice.

Complaints and Regulatory Protections

If you proceed against our recommendation, you will still retain your rights to raise a complaint with the Financial Ombudsman Service (FOS). However, if a complaint were later reviewed, the FOS would consider all of the circumstances of the case, including:

• the suitability of the advice provided;
• the information and warnings given to you;
• whether you understood the risks involved; and
• whether you knowingly chose to proceed against our recommendation.

Your decision to proceed against advice may therefore affect the outcome of any future complaint or claim.

Our Responsibilities and Limitations

Even where a client wishes to proceed on an insistent client basis, we will only facilitate transactions where we believe this is consistent with our regulatory obligations and where we are satisfied that:

• the client understands the advice provided;
• the risks and consequences have been clearly explained;
• the client is making an informed decision; and
• the proposed arrangement involves FCA-regulated providers and mainstream investments.

We will not facilitate transactions involving:

• unregulated investments;
• overseas or non-standard arrangements where appropriate protections are not available; or
• investments that we consider present an unacceptable level of risk.

Where we are unable to evidence informed client understanding or where we do not believe we can appropriately support the transaction, we may decline to proceed.

Please note that any fees incurred for advice and analysis will remain payable in accordance with our Terms of Business, regardless of whether the transaction ultimately proceeds.

Next Steps

Before making any decision, you should carefully review your Suitability Report and all supporting documentation provided to you.

If there is anything you do not understand, your Pension Works financial adviser will be happy to explain the advice, recommendations, risks, and alternative options available to you again.

If, having considered all of the above, you still wish to proceed against our advice, please complete the Insistent Client Request Form at your convenience.