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...

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