Pulling no punches, FCA director of supervision Megan Butler has told Professional Adviser the regulator will be closing adviser firms if they are not "ready, willing and able" to improve their pension transfer processes.
Speaking to PA this morning (19 June) the Financial Conduct Authority (FCA) director of supervision - investment, wholesale and specialist made it clear the regulator was extremely unimpressed with the standard of defined benefit (DB) transfer work - so much so that it would now be willing to use the full force of its regulatory powers, if necessary. Visiting firms and revoking permissions is nothing new to the FCA -indeed it flexed its muscles during the British Steel scandal, when several firms that had advised steelworkers lost their pension transfer permissions. Following its latest ...
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