Financial advice firms that did not respond to the FCA's market-wide defined benefit (DB) transfer questionnaire could see their regulatory permissions revoked, Professional Adviser understands.
A freedom of information request by PA revealed seven advice firms could not be contacted by the Financial Conduct Authority (FCA) as it tried to find out more about DB transfer advisers in its recent market probe. PA understands the financial watchdog will try to track down those firms but, in more extreme cases where firms still cannot be contacted, the FCA may remove regulatory permissions. PA's inquiry also revealed the regulator had not yet engaged with any advice firms solely on account of the information provided in the data request. The regulator said the information was being...
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