Potentially disproportionate FCA DB stats offer 'no context' - PFS

'Clear limitations' on FCA data

Hannah Godfrey
clock • 2 min read

The FCA's recently published data on defined benefit (DB) transfers "lacks context" and has "clear limitations" when used to try to sum up what is going on in the wider market, the Personal Finance Society (PFS) has said.

PFS chief executive Keith Richards (pictured) felt the FCA's data that was released last month lacked wider context, noting there was no context around the age of people who had transferred. "Savers make different choices, the closer they are to retirement, simply because retirement is now real to these individuals rather than some distant, far-off event," he said. Those approaching retirement look at immediate and material shortfalls of income and consider all assets, including their homes, to enjoy retirement, Richards added. The PFS chief said the FCA data did not reveal the use of an...

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

Phillip Wickenden: Neurodiversity and the bumpy ride to inclusivity

Phillip Wickenden: Neurodiversity and the bumpy ride to inclusivity

Neurodiversity Celebration Week runs from 18 - 24 March

Phillip Wickenden
clock 18 March 2024 • 6 min read
FCA to review firms' treatment of vulnerable clients

FCA to review firms' treatment of vulnerable clients

The regulator will share its findings by end of the year

Sahar Nazir
clock 18 March 2024 • 1 min read
Concerns clients seek financial reassurance over financial advice

Concerns clients seek financial reassurance over financial advice

'AI can provide clients reassurance just as much as humans can’

Sahar Nazir
clock 15 March 2024 • 2 min read