Defined benefit transfer advice review information - October 2020


Reference Case Number: FOI7438

Freedom of Information: Right to know request:

Clarified request:

Please respond with details on both points, 1 and 2 on the 55 firms whose files were checked.

Aggregated requests:

Request 1:

1. As part of the FCA's market-wide review into DB transfer advice in 2019/20 - how many firms where found to be charging clients on a contingent basis for DB transfer business?

2. Of those, what was the total percentage of DB transfers that went ahead when charged on a contingent basis?

Request 2:

3. During the FCA's market-wide review in DB transfer business, how many firms were found to have inadequate/or no professional indemnity insurance cover in place?

FCA response:

Refer to the supporting document below.

Supporting document

FOI7438 response