Last year proved a bumper year for changes to the DB transfer advice market, with more firms having their permissions cancelled or changed than ever before, a freedom of information request by Professional Adviser has revealed.
Information gathered from the Financial Conduct Authority (FCA) by Professional Adviser revealed 2017 was a stand-out year for firms that changed their pension transfer permissions using a voluntary requirement (VREQ) with the regulator's agreement. In practice, a firm changing permissions with a VREQ means it is working with the regulator, and each individual case is unique. Most of the firms connected with the British Steel saga, for example, have requirements to stop performing pension transfers until the regulator is happy with their processes. In 2017, 18 firms had their permissi...
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