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.
Papers galore!
Huw Reynolds Compliance 2021, Certification, Conduct, COVID-19, FCA, Gabriel, Pension, platform, protection, Senior Manager, SM&CR, Switch, transfer
It has been a busy month for papers and publications at the FCA. These include: New Consumer Duty CP The FCA is consulting on plans to introduce a new Consumer Duty, which aims to set a higher level of consumer protection in retail financial markets. The Duty will have 3 key elements: A new Principle – the […]