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FCA starts fourth round of pension transfer advice suitability work

Magnifying-Glass-in-Hand-700.jpgThe FCA will collect data from around 3,000 advisers in the next round of its ongoing work on advice suitability relating to pension transfers.

The data collection exercise is targeting advisers that conduct pension transfers and the results will be published next year.

Speaking at a press conference following the FCA’s annual public meeting today, FCA supervision director Megan Butler says: “The key piece, that we are actually engaged in at the moment in that sector, is much more focused on the DB to DC to advice piece within suitability more broadly.”

Confusion reigns over new suitability standards

Butler says: “We’ve had three rounds of assessment and testing quality of advice in this area and we are going to move to the fourth round.”

She says the three rounds so far have been done on a “sample basis” but the fourth round will gather data from more than 3,000 advisers.

Butler says the regulator is contacting that number of advisers so it can make sure it is “extrapolating properly” its conclusions across the sector.

She says: “Aside from that we are getting more and more intelligence about those who might be engaging in activities that can cause harm. This intelligence can come from other advisers and the public.”

Butler adds: “And we are able to make an increasing use of that, as this gets increasing coverage, people are more willing to come to us, so we can take action against individual firms, which we continue to do.”

In October last year, the FCA released findings of an assessment of defined benefit transfer advice showing just 47 per cent were rated suitable.

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