Nearly 100 companies have been examined by the FCA as part of its DB transfer advice investigations.
The regulator confirmed today that: “To date the defined benefit project has included 92 firms in its review as part of ongoing multi firm supervision exercise.”
It said that all firms with pensions transfer permission are monitored through market returns. Officials told FP Today they cannot give any comment on the number of firms that have been visited.
The FCA last month revealed plans for changes on DB transfer advice, including scrapping guidance that the adviser should start from the assumption that a transfer will be unsuitable.
The proposed changes also include requiring transfer advice to be provided as a personal recommendation, and replacing the current transfer value analysis with a comparison to show the value of the benefits being given up.
Former FCA specialist Rory Percival, a Chartered Financial Planner, said last month the FCA’s work would have involved “looking at a large number of firms in two stages”.
He said: “I estimate 50-100 firms, which is a significant amount for them to be looking at for this type of work, and I think they are doing a first stage, asking for files.”
