Revealed: Eight advice firms failed to respond to FCA DB probe

Will face 'appropriate action'

Hannah Godfrey
clock • 1 min read

Eight financial advice firms have failed to submit a response to the FCA's marketwide probe into DB transfers, a freedom of information request submitted by Professional Adviser has revealed.

In the final quarter of last year the Financial Conduct Authority (FCA) sent questionnaires to 2,868 firms holding pension transfer permissions. The regulator's survey asked in-depth questions about defined benefit (DB) transfers carried out by each firm, such as how many clients the firm had advised to transfer their DB pension, the average value, the number of insistent clients the firm has dealt with, and the number of clients introduced through unregulated introducers. The firms had until 3 December to provide the regulator with the requested information, but many missed the regul...

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 Retirement

Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read
Knowledge is power: How to help turn retirement dreams into reality

Knowledge is power: How to help turn retirement dreams into reality

Being on top of money is key to achieving retirement ambitions

Emma Barrow
clock 29 November 2023 • 6 min read