FCA issues warning over 500 DB transfers

The regulator said the individual was "approved to perform the CF10 (compliance oversight) controlled function" at two authorised firms. Between them, the two firms provided advice to more than 700 members of DB schemes, resulting in around 500 transfers into defined contribution (DC) schemes totalling £12.7m. The FCA said: "Between 1 February 2006 and 30 April 2009, the individual breached Statement of Principle 6 of the FCA's Statement of Principles for Approved Persons by failing to use due skill, care and diligence in carrying out the compliance oversight function." The regulator ...