A freedom of information (FOI) request by Professional Adviser has revealed the number of firms contacted as part of the regulator's probe into defined benefit (DB) pension transfers as well as the number of firms yet to be approached.
Phase four of the Financial Conduct Authority's (FCA) multi-firm supervision exercise on DB transfers is set to begin any moment, with questionnaires being sent to every single advice firm with pension transfer permissions. Professional Adviser can reveal some 3,026 firms are in scope to receive the questionnaire. Initially, the regulator will issue a pilot to a small sample of firms, before sending to the remaining firms as a market-wide request. The questionnaires will be issued and returned during Q4 2018. Prior to this were phases one, two and three, which began back in October...
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