Who can carry out a pension audit?
The Financial Services and Markets Act 2000 (FSMA) came into force from midnight on the 30 November 2001 and this now means that only a person authorised directly by the Financial Services Authority (FSA) can give advice in investments and pensions. The majority of family law firms have opted to be designated as exempt professional firms and this means that the work they do will not be regulated activity. The valuation of pension rights is not regulated activity but advising on a pension transfer is regulated. An IFA regulated by the FSA can give advice on the pensions and investment aspect of a divorce. Where a pension audit is required the pensions consultant should be qualified as a pensions expert and have the G60 Pensions or equivalent. G60 is also recognised under permitted activity 13 of the FSA Handbook of Rules and Guidance as being essential when advising on complex pension arrangements in occupational pension schemes where an external transfer could occur as a result of a pe