More than 1000 firms have altered or cancelled their defined benefit (DB) pension transfer permissions in the last two years, a freedom of information (FOI) request submitted by Professional Adviser has revealed.
PA's request for information to the FCA revealed in 2019 a total of 411 firms added a limitation to their permissions so they could no longer advise on DB pension transfers. A total 710 firms with permission to conduct pension transfers altered their permissions during 2019. Away from those who added a limitation on their permissions to prevent them carrying out DB transfers, 166 cancelled their regulatory authorisation and 133 withdrew their pension transfer permissions altogether. Last year marked a dramatic increase in permission variation from 2018, when 316 firms changed their ...
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