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FCA deepens DB transfer probe through adviser questionnaire

The FCA has gathered data from advisers on the suitability of their defined benefit transfer files, whether they use contingent charging, and if they have changed their transfer process after previous guidance.

The regulator is zeroing in on adv­isers’ activity around DB transfers through a questionnaire sent to firms in December.

The document is eight pages long and responses were due by 8 January.

The information request is part of the FCA’s ongoing DB transfers
supervision work, which chief exec­utive Andrew Bailey referred to in his 18 January letter to work and pensions select committee chairman Frank Field.

A partial copy of the questionnaire Money Marketing has now seen that reveals the extensive measures taken by the FCA to understand pension transfers.

British Steel adviser explains ongoing charges calculation to MPs

It asks firms if they have reviewed or amended their transfer process since the publication of the FCA’s transfer alert in January 2017.

It also asks if they continue to operate a contingent charging model, how many transfers have been rejected following customer contact, and what percentage of files reviewed were found to be suitable, unsuitable, unclear or inadequate.

HC Wealth Management director John Abraham says: “It will be telling to see the percentage of enquiries that subsequently turn into a transfer. There are going to be firms that will be more cautious than others to go ahead.”

The FCA declined to comment.


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. The FCA need to give more clarity on dealing with DB transfers. Also FOS needs to get into line too.

  2. “A partial copy of the questionnaire Money Marketing has now seen that reveals the extensive measures taken by the FCA to understand pension transfers”
    So do the FCA not understand pension transfers.

  3. Water under the bridge now as he has gone into liquidation

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