Thousands of DB transfers carried out by firms that lost permissions

Since 2015, some 4,659 transfers were arranged by 19 advice firms that have since surrendered their transfer permissions, or had them removed by the regulator, the Financial Conduct Authority (FCA) told the Financial Times. The data was revealed just weeks after the FCA issued a stark warning to firms operating in the DB transfer arena, when it said it "would not hesitate" to use its investigatory powers if it identified cases of misconduct. Former FCA board member Mick McAteer told the FT: "The FCA should be requiring these businesses, where it had the most serious concerns, to write...