FCA contacts adviser concerned about firm's low number of DB transfers

'Nonsense'

Hannah Godfrey
clock • 2 min read

An adviser has received a letter from the Financial Conduct Authority (FCA) that suggested it was concerned the firm does not carry out enough defined benefit (DB) transfers.

The adviser - who preferred to remain anonymous - told Professional Adviser the letter first outlined the FCA was contacting firms following a data gathering exercise because it was concerned about the volume of DB transfers across the sector, only to point out it was concerned by the small number of transfers carried out by the firm in the next paragraph. Since April 2015, the firm has carried out just five DB pension transfers. The adviser said each of those individuals were facing unique situations, several of which were existing clients who had fallen ill as they got older. The ad...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Defensive income before retirement: A four layered framework

Defensive income before retirement: A four layered framework

Entering decumulation can be an unsettling time for clients

Joe Simpson
clock 10 August 2026 • 4 min read
The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

A look at the three Ss of retirement income

James Peel
clock 04 August 2026 • 7 min read
What the decumulation shift means for advice firms, and how the best are responding

What the decumulation shift means for advice firms, and how the best are responding

'Technology is part of this picture in ways that are worth being honest about'

Andy Zanelli
clock 14 July 2026 • 4 min read