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UK regulator to quiz advice firms on DB transfers again

The Financial Conduct Authority (FCA) will send a set of questions to financial advice firms on 1 July 2020, the regulator confirmed to International Adviser. 

The survey will encompass defined benefit (DB) pension transfer activity since October 2018.

It follows on from an earlier exercise that sought similar information up to September 2018. 

The questionnaire will be sent out to around 2,000 advice firms, the regulator said. 

They will have 30 days to complete it and send it back to the watchdog. 

What is being asked?

The FCA said the questions will look like the ones below: 

  • The number of clients the firm recommended to transfer; 
  • The number of clients the firm recommended not to transfer; 
  • The number of clients the firm allowed to proceed as insistent clients; 
  • The number of clients who opted out in order to transfer; 
  • The number of clients who discussed a pension transfer with the firm but did not proceed to receiving full advice, eg that did not proceed to full advice through the firm’s triage process; 
  • The average transfer value the firm advised on; 
  • The percentage of the firm’s total income that results from providing pension transfer advice; 
  • The number of clients who transferred but did not engage with the firm for ongoing advice; 
  • The number of pension transfer specialists at the firm; 
  • The range of charges clients were charged for the recommended investment; and; 
  • We will also be asking some information around the firms PII. 

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