FCA: Firms wanting DB transfer authorisation 'will be scrutinized'

In an update published on Friday (11 June), the regulator said that due to the high risk of consumer harm associated with unsuitable advice to transfer it will thoroughly check applications from new entrants applying for transfer permissions.  "We test the robustness of firms' systems and controls, and we ensure the competence of individuals seeking approval. "Particularly for pension transfers, or those who previously held oversight roles such as senior management functions." The FCA said it will apply this approach at "all gateway entry points". This includes new firm or individu...