The number of insistent client defined benefit (DB) transfers have risen each year since pension freedoms, a freedom of information (FOI) request submitted by Professional Adviser has found.
The FOI, submitted to the Financial Conduct Authority (FCA), revealed there has been a steady increase in 'insistent client' transfers since pension freedoms came into effect in April 2015. In the six months from April to September in 2015, 923 individuals were transferred out of their final salary schemes as insistent clients. Then, in the 12 months from October 2015 to 30 September 2016, the number rose to 2,004. The following 12 months, between October 2016 and 30 September 2017, saw the biggest jump in the number of insistent clients transfers. It shot up by almost 50% to 3,026....
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