Royal London has unveiled a Pension Review Service for advisers which is designed to provide them with more support in meeting their FCA obligations.

The company says that under the current rules the FCA’s best practice standards require advisers to collate all the information they need, from various sources and pull that information together, along with their recommendations into a client facing report. After a client review, advisers are then required to keep an audit trail of their conversation and recommendations in an adviser report.

The new online Review Service automatically collates all the information relevant to their clients’ Royal London pensions into individual client reports, tailored to the adviser’s requirements.

Advisers are then able to focus their time on the recommendations for their clients in the pension review. The adviser report, which is also automatically available, documents everything in the client report plus detail that advisers typically need such as, projection assumptions and breakdowns of their client’s pension contributions.  This adviser record of the client’s review provides an audit trail to help them meet the FCA requirements, says Royal London.

The Review Service aims to enable advisers to be more effective in  meeting their compliance requirements and to demonstrate due diligence, by having the full adviser and client reports automatically available on their records, as well as saving them time.

Colin Mitchell, head of Pensions Proposition at Royal London’s intermediary business, said: “Our new Review Service provides advisers with an easier and more efficient review process.”

He added: “We’ve had an extremely positive reaction from the advisers who helped us in developing the Review Service. It has also provided us with the opportunity to demonstrate our understanding of their needs and how working together we’re able to help them improve the service they’re able to offer their clients.”

The Review Service is available to advisers with clients who have Royal London group and individual pensions.