Revealed: Pension transfer permission application withdrawals jump 1,466% in 12 months

94 withdrawals in 2019

Hannah Godfrey
clock • 2 min read

The number of financial advice firms who have withdrawn their pension transfer permission application has jumped fifteen-fold in one year, a freedom of information (FOI) request by Professional Adviser has revealed.

Professional Adviser's FOI request asked the Financial Conduct Authority (FCA) for data on the number of advice businesses that applied for pension transfer permissions from 2015 until the end of 2019, as well as the number of firms who withdrew their applications. The data revealed that, despite the number of adviser firms applying for pension transfer permissions in 2019 falling by nearly half (45%), the number of those that withdrew their applications shot up by 1466%. In 2018, more than 300 adviser firms applied for pension transfer permissions while six withdrew. In 2019, the FCA...

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