A system error in the Financial Conduct Authority’s marketwide survey on defined benefit (DB) transfers could have produced inaccurate results for some respondents, Professional Adviser can reveal.
PA can reveal the error could have affected around 320 of the advice firms who took part in the FCA's survey. The issue with the survey centred on question 5d: "How many clients discussed a DB pension transfer with the firm but did not proceed to receiving advice?" Guidance accompanying the question asked respondents to enter "0" in the appropriate box if they did not operate a triage process. Those who did not maintain records of clients with whom DB transfers were discussed but did not proceed to receive advice were advised to enter "no data". Professional Adviser understands, howev...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
