The Financial Conduct Authority (FCA) has said it will be “following up” with life insurance firms that are slower than their peers following a multi-firm review of pension transfer processes.
The FCA stated: "We did identify some firms with slower service times, and we will be following up with them." The regulator warned that if a transfer is "unnecessarily long", it could have financial consequences if the delay affects a customer being able to draw benefits or get favourable annuity rates. "A delay can also have an impact on investment opportunities and increase administration costs, potentially reducing the transfer's value," the FCA added. "They can also have a negative impact on the industry, reducing customers' confidence and hindering their ability to manage their ...
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