Advisers face more FCA scrutiny on 'suspicious' DB transfers

Advisers 'need to be aware' that FCA is keen to collect data

Jenna Brown
clock • 2 min read

Reports of suspicious defined benefit (DB) transfers to the Financial Conduct Authority (FCA) remain low despite increased regulatory focus on the issue, a freedom of information request to the watchdog has found.

Konexo requested data from the regulator detailing the number of reports about suspicious DB transfers between the first quarter of 2022 and the second quarter of this year. Despite total reports to the FCA increasing the overall total remains at low levels, it said. Source: Konexo The compliance services provider said while numbers remained relatively low the regulator had indicated that it was stepping up its requests for data on questionable transfers and advisers would increasingly come under the spotlight. In February this year, the FCA reminded the pensions industry about...

To continue reading this article...

Join Professional Adviser

  • 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

Financial services pressure grows with ESG rules main culprit

Financial services pressure grows with ESG rules main culprit

‘No let-up in regulatory intensity facing industry’

Jenna Brown
clock 27 September 2023 • 2 min read
FCA cancels advice firm's permissions over £11,000 unpaid fees

FCA cancels advice firm's permissions over £11,000 unpaid fees

Failed to do business in a 'sound and prudent' manner

Jenna Brown
clock 21 September 2023 • 1 min read
The Financial Conduct Authority’s SDR regime was introduced in October 2022 and the UK regulator stressed that it was a labelling regime, and not a disclosure regime as its European counterpart was.

EU review of SFDR welcomed despite potential future 'frustration'

Industry-wide review of SFDR undertaken

Eve Maddock-Jones
clock 18 September 2023 • 3 min read