In a recent update the FCA confirmed their intention to issue a further data request to all firms with the permission to advise on DB pension transfers.
As a result of the recent flurry of scam emails purporting to be from the FCA, firms should be aware of the request and that it is a genuine FCA communication.
The FCA will be contacting all firms who hold permission to advise on DB pension transfers and other safeguarded benefits, to request further data to allow them to continue to understand the shape of the entire DB transfer advice market. The data request will be sent from:
Whilst the request is not mandatory, the FCA does expect firms to complete the request and will be monitoring completion and will contact firms that do not appear to be engaging.
They are planning to issue the requests next week and firms will be asked to submit their response by 31 July 2020.
Pension transfer advice – assessing transfer risk
Alistair MacDougall Compliance 2015, 2018, 2019, 2021, DBAAT, Drawdown, FCA, Pension, Pension Transfer, PI, transfer
It has been well publicised that the FCA has aimed increasingly close scrutiny in the direction of firms that have been providing advice in relation to defined benefit pension transfers. Apparently caught off guard by the then Chancellor’s introduction in the Pension Schemes Act 2015 of what are generally called ‘pension freedoms’, the regulator has […]