The Financial Conduct Authority (FCA) has not acted quickly enough to update its position on the defined benefit (DB) transfer process, an actuarial trade body has said.
The Association of Consulting Actuaries (ACA) said its members had been swamped by FCA-regulated financial advisers' requests for transfer data but there had been no decisive action from the regulator on the issue. It made the comments in its response to The Pensions Regulator (TPR) and FCA joint-strategy consultation paper Regulating the pensions and retirement income sector: Our strategic approach. The ACA said it was in opposition to a combined regulator but acknowledged much of the organisation's pensions-related business was becoming "increasingly blurred" as a result of the pens...
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