The new bureau, which is available immediately to all members of the group, has been set up in partnership with Creative Wealth Management.
It will be able to help with overseas pension transfers as well as UK ones, the company confirmed to International Adviser.
Rise in demand
The SimplyBiz Group provides compliance and business support services to over 2,500 financial services firms and 6,000 individual advisers nationwide.
Chief executive Matt Timmins said: “There has been a real increase in demand from clients for transfer business since the implementation of pension freedom. We are committed to doing all we can to support advisers who want to help their clients with needs in this area.
“The group wanted to ensure that it offered advisers a viable alternative and, as we have worked successfully with Creative previously when building our workplace solutions proposition, we are confident that it will provide a reliable and efficient service.”
Selectapension
The Creative Wealth Management service is in addition to SimplyBiz’s existing solution with Selectapension, which writes third-party Qrops transfer reports.
However, Selectapension temporarily suspended its DB pension transfer business, Selectapension Bureau Service (SBS), in late June following an FCA audit.
A spokesperson said the company took the decision to suspend new pension transfer requests following a recent FCA review of its outsource advice partner CFPML.
“The regulator recommended making some changes to processes which we are currently implementing. Full permissions remain in place while CFPML are working with the regulator on their ongoing review.
“We took the decision to suspend the SBS service for new pension transfer requests so the partner firm could deal with the outstanding backlog and to allow CFPML to update their processes,” the spokesperson said.
Selectapension is one of the biggest providers of transfer value analysis (Tvas) reports for IFAs and completed 47,000 cases in the last tax year.
