Cases of "commoditised, industrialised" business models in the defined benefit (DB) transfer market prompted the Financial Conduct Authority (FCA) to widen its probe into the area, regulator Megan Butler has said.
The FCA executive director supervision for the Investment, Wholesale and Specialists Division said issues relating to firms' business models were at the root cause of problems it found when conducting its supervisory exercise into the DB transfer market earlier this year. Butler (pictured) was speaking at the Personal Investment Management & Financial Advice Association (PIMFA) conference today. "[This refers to] the business model between the introducing firm and sometimes the specialist transfer firm," she said. "Some firms that have seen significant growth in their DB transfer...
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