FCA orders 60 advice firms to carry out DB transfer past business reviews

Work & Pensions Committee inquiry

Sophie King
clock • 3 min read

The Financial Conduct Authority (FCA) has identified 60 advice firms that should carry out past business reviews over potential pension transfer mis-selling.

According to a submission made by the regulator to a Work and Pensions Committee inquiry, the financial watchdog said it has "intervened extensively" to improve the rate of suitable defined benefit (DB) transfer advice. This interaction, it said, resulted in direct contact with 104 advice firms. Of those advice firms, there were 39 variations of permissions, 21 asset retentions and almost 60 the FCA said "need to carry out past business reviews". One case resulted in High Court proceedings, the FCA added. It said that during its review, consumers often describe pensions as a minefi...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read
FCA: 'Huge opportunity for firms to shape the advice sector'

FCA: 'Huge opportunity for firms to shape the advice sector'

Kate Blatchford-Hick calls on firms to embrace the regulator’s proposals

Sahar Nazir
clock 09 February 2024 • 2 min read
New era for workplace pension governance as TPR overhauls practices

New era for workplace pension governance as TPR overhauls practices

The regulator’s long-awaited general code of practice has been published

Hope Coumbe
clock 11 January 2024 • 1 min read