The Financial Conduct Authority (FCA) has written to advice firms asking them to consider removing their pension transfer permissions if they have not used them, Professional Adviser can reveal.
PA is aware of at least one firm that has been contacted by the regulator after holding the pension transfer permission without ever using it for defined benefit (DB) transfer work. PA understands the business held the pension transfer permissions to advise on money purchase occupational pensions, but it has never used them to advice on DB transfers. The firm said it pushed back and told the regulator it needed the permissions for its occupational work. As a result, the FCA told it to partially vary the permissions. A note on the FCA's website from 2015 said firms should conside...
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