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FCA to publish final ETV guidance in spring

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The FCA expects to publish final guidance from its enhanced transfer values thematic review next spring.

According to the regulator’s November board minutes the ETV thematic review timelines were extended due to a consultation on changing the redress methodology for poor defined benefit transfer advice.

The ETV thematic review, published in July 2014, identified poor advice in a third of cases.

The regulator looked at 300 cases from bulk transfer advice exercises between 2008 and 2012 where savers were offered enhanced transfer values to incentivise them to leave their employers’ DB scheme.

The regulator is also due to reach conclusions on the new methodology for calculating redress for poor DB transfer advice next spring after putting out a consultation on the subject.

According to the board minutes, the regulator’s quarterly performance report showed the number of firms on the its supervision watchlist for retail firms and authorisations had increased between the first and second quarter of 2016/17.

This was due to the addition of firms on the FCA’s “flexible” oversight account, usually reserved for smaller firms.

The minutes add that the highest volume of “risk events” came from reports in to its consumer contact centre.

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