A small advice firm that is no longer able to provide defined benefit (DB) transfers due to high professional indemnity insurance (PII) costs has been unsuccessful in a subsequent complaint it launched about how it was treated by the Financial Conduct Authority (FCA).
A decision by complaints commissioner Amerdeep Somal - published yesterday (15 September) - outlined the firm's case after it complained to the regulator earlier this year about having to change its permissions. The complaint was not upheld by the FCA with the complainant firm telling the complaints commissioner that the regulator launched "a vile attack" and is on a "witch hunt" to remove smaller firms from the transfer market. Somal said the complainant was concerned that it no longer being able to afford the necessary PII cover to undertake transfers was "only of benefit to the FCA...
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