In March, OMW “paused” its free Tvas service after the FCA said in a policy update that such free offerings could act as inducements.
Prudential, Scottish Widows, LV and Standard Life also suspended their free Tvas services after the policy update.
On Thursday, OMW announced it will launch a “new Tvas service” that meets the requirements of the regulator’s policy update.
£150 cost
Under its updated service, which will be launched on 14 May, OMW will charge £150 ($204, €170) plus VAT for a Tvas report.
It says the charge covers the cost of the technical expertise of the Tvas team, the software and the production of the report.
An OMW spokesperson said the updated service has been refined to ensure advisers “can receive an accurate report as swiftly as possible”.
“As part of this, requests for a report will be submitted through a new tool, which will ensure all the essential information is captured,” the spokesperson said.
Scott Goodsir, managing director of UK distribution at Old Mutual Wealth, said: “A final salary transfer is often the most important piece of advice that a client will ever receive and having all the right information is crucial.
“Our new Tvas service will help us support advisers and their clients as demand for this advice continues to surge.
“The accurate production of a Tvas report is a key element of the DB to DC pension transfer process and our 12-strong TVA team are well-equipped to provide swift and accurate analysis,” Goodsir said.
Not the first with charge
OMW is not the first provider to introduce a charge for Tvas reports. In early April, Novia responded to the FCA rule change by introducing a “small charge” of £75 plus VAT for its service.
A Novia spokesperson said at the time: “The charge covers our costs and will be payable by adviser firms using the service. We will not levy a charge for the completion of any existing cases, or any cases which require a re-quote”.
Tighter rules
The tougher stance on Tvas was made as the regulator looks to modify the rules and guidance on inducements for non-Mifid business to mirror more closely the Mifid II rules.
In addition to Tvas services, the regulator is also taking a tougher line with appropriate pension transfer analysis (Apta) services offered by firms.
