The Financial Services Authority is introducing extra CPD requirements for advisers covering pension transfers.

These will cover changes to the tax regime and auto-enrolment.

The details were published in the CP11/18 consultation paper last week. It said that the risks within pension transfers had not changed significantly since the last review in 2007 but that the new material reflected the wider general pensions landscape.

The paper said: “Our view is that any updates should focus on these wider issues such as changes to the tax regime in annual allowances and drawdown and the Government’s pension reform involving auto-enrolment.”

However, the FSA said it would not be implementing any extra gap-filling exercises to cover the new material.

“If changes are made, we believe that any gaps in knowledge to any revised examination standards could be met through ongoing regular continuing professional development (CPD), rather than a qualification gap-fill exercise.”

It also proposes adding extra CPD for managing investments which would cover penny shares, contracts for difference, spread betting, land banking and enterprise investment schemes.

The qualification standard for those who manage investments, including fund managers and discretionaries, would be raised to QCF Level 4, the same as the RDR.

Responses to the proposals should be submitted by 6 October.

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