More than 700 adviser firms gave up pension transfer permissions during FCA probe

In an update published on Friday morning (5 June), the regulator revealed hundreds of firms had left the market since its probe began, and it was in the process of 30 enforcement investigations that arose as a result of its work. Of the 745 firms that amended permissions as a result of the FCA's probe, 55 did so because they did not have appropriate professional indemnity cover in place. The update showed the suitability of defined benefit (DB) transfer advice has risen overall, but the FCA remained concerned by the number of files where the advice appeared unsuitable. It said the ...