The Financial Conduct Authority (FCA) has issued a stark warning to firms operating in the DB transfer arena after gathering evidence that suggests incompetence in this part of the advice market.
On Thursday (6 December) the FCA revealed its latest findings on its multi-firm supervisory work on pension transfer advice, which it has been carrying out since 2015. In 2018 it collected information from 45 firms, which it followed by carrying out further assessment work, including file reviews and visits to 18 of them. Of those, four either varied or cancelled their permissions following intervention from the watchdog. Since April 2015, the FCA found the 18 firms it visited gave advice to 48,248 clients on their defined benefit (DB) pension schemes, which resulted in 24,919 pension...
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