The FCA and PFS duel over DB data

'No context'

Tom Ellis
clock • 1 min read

DB transfers continue to dominate the narrative around the regulation of financial advice and this week The Pro Adviser Podcast assesses the PFS's latest spat with the FCA over its DB transfer data.

The battle follows the Financial Conduct Authority (FCA) publishing statistics after surveying 3,015 advisory businesses for its probe and found that, between April 2015 and September 2018, 2,426 firms provided advice on transferring defined benefit (DB) pensions. The regulator said 234,951 scheme members received transfer advice and, of those, 162,047 (69%) were recommended to transfer out, while 72,904 had been advised to stay in their scheme.  In its latest response, however, the PFS said the data "lacked context" and had "clear limitations" when used to try to sum up what was goin...

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 Your profession

Milecross Financial acquires Dundee firm with £30m of assets

Milecross Financial acquires Dundee firm with £30m of assets

The firm is on an acquisition spree as it plans to buy ‘several’ firms this year

Sahar Nazir
clock 13 May 2024 • 1 min read
Chartered status 'won't help your client if they don't like and trust you'

Chartered status 'won't help your client if they don't like and trust you'

An adviser shares their views with PA on the importance of Chartered status

Hope Coumbe
clock 13 May 2024 • 1 min read
PA Working Lunches: Register today to hear from Schroders

PA Working Lunches: Register today to hear from Schroders

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 13 May 2024 • 1 min read