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Another 12 pension introducer firms reported to FCA

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Unregulated pension introducers continue to fall foul of the FCA, new data shows.

The regulator continues to see a steady stream of cases related to unregulated introducers, with 12 new cases reported from September to the end of November 2016.

According to a Freedom of Information Act request from Money Marketing, of the 12 new cases one was referred to enforcement.

These latest figures follow similar data obtained by Money Marketing in a FOIA request last year.

That data showed 54 unregulated pension introducer cases were referred to the regulator in the year to September 2016 where an introducer was suspected of having an inappropriate influence over an adviser or other firm.

Four of those cases were referred to enforcement over the 12-month period. In the latest data the FCA said it could not provide an update on the progress of those four cases as these cases are ongoing.

The regulator added unauthorised introducers to its hit list in its annual report last year. In August it warned advisers about the risks of authorised firms taking business from unauthorised introducers.

The FCA said it had seen examples of introducers using authorised firms’ reference numbers to get customer policy information sent to them directly, so that the authorised firm loses control over how the information is used.

According to the FCA’s 2015/16 annual report it received 8,438 reports of potential activity  across all types of unauthorised investment business, including collective investment schemes, investment and insurance frauds, deposit taking and “boiler room” schemes.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Good news.. but who referred them (‘…data showed 54 unregulated pension introducer cases were referred to the regulator in the year to September 2016’…’)? I am assuming/hoping that they were actually picked up by the Regulator’s staff rather than needing to be brought to their attention by third parties!

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