The FCA has confirmed it is currently investigating four unauthorised firms and four unauthorised individuals in relation to financial introducers for pension products.
A Freedom of Information request from March released this week asked the FCA to provide details of its current investigations and their wider affects.
The watchdog says the total value of pension funds transferred by those under investigation adds up to £258m.
In total, 6,000 consumers have been targeted by those in this current investigation.
Introducer firms in the UK do not require FCA authorisation if they are not offering investment advice directly and are passing the consumer on to a regulated financial adviser.
The watchdog says: “If an unauthorised introducer is offering investment advice, then they are likely to be carrying on regulated activities in contravention of the general prohibition set out in the Financial Services and Markets Act.
“However, absent evidence of unauthorised introducers acting in breach of the general prohibition, the FCA’s focus is likely to be on the regulated entities who have provided advice and facilitated the transfer or switching of pensions.
“The FCA is investigating a significant number of regulated firms in this respect.”