Data on Defined Benefits pension transfer activities - February 2022

FOI Release Date of Release:

Reference Case Number: FOI8786

Freedom of Information: Right to know request:

The questions below pertain to FCA data on DB pension transfer activity. On the FCA website it states that from April 2021 firms will be required to submit 6 monthly data on their DB transfer activities. The latest data published there is for the period October 2018-March 2020. Please can you tell me:

  1. For any 6-month periods after March 2020, for the total volume of clients provided with advice and guidance what was:

 

  1. The conversion Triage %
  2. The conversion Rate %
  3. The number of clients seeking advice
  4. The number advised to transfer
  5. The number advised not to transfer
  6. The percentage of firms which advised 75% or more of clients to transfer

 

If the above information could be provided in the same data table format as it is listed in Figure 1 on the FCA website, then that would be much appreciated.

  1. How many firms have received a sanction or penalty from the FCA in following time periods for improper DB transfer advice and if fines were issued, what was the total value of the fines issued?

 

  1. During 2018
  2. During 2019
  3. During 2020
  4. During 2021

 

  1. Of those clients that were charged contingently for DB transfer advice, what percentage of these were due to the exception where a consumer is more likely to benefit from advice and may be unable to afford non-contingent advice charges?

FCA response: