SimplyBiz has signed up its third defined benefit (DB) transfer partner since previous partner CFP Management Limited (CFPML) exited the market.
Previously CFPML was providing a DB transfer service for SimplyBiz advisers but this ended in June after the firm was visited by the Financial Conduct Authority (FCA).
Earlier this month New Model Adviser® revealed CFPML, the firm behind the Selectapension Transfer Bureau, agreed with the FCA to a permission restriction meaning it could not carry out any more DB transfers.
Since the CFPML service stopped, SimplyBiz has added two more DB transfer advice partners for its advisers: PensionHelp and Creative Wealth.
It has now added a third to the list with Grove Pension Solutions.
‘Since their establishment, they have provided advice to thousands of individuals considering a pension transfer, so I know Grove’s team has a significant amount of hands-on practical experience,' SimplyBiz compliance director Gary Kershaw said in an email to advisers.
‘Its extensive database covers all major UK pension schemes and, in fact, it has details of over 7,000 UK Defined Benefit schemes, covering the significant majority of those in existence.'
Kershaw added in a statement: ‘Although the situation with CFPML is deeply disappointing, The SimplyBiz Group acted quickly and efficiently to find, complete due diligence upon and introduce alternative partners for our DB transfer service. Achieving the best result for the advisers who use our service and their clients is always the major aim of the group, and I am confident that we have a robust and comprehensive range of options in place.’