Reference Case Number: FOI7013
Freedom of Information: Right to know request:
I am seeking further information regarding the FCA’s supervision work of the defined benefit transfers market.
The FCA sent out a letter requesting information from around 1,700 firms in October 2019.
In that letter the FCA says it has been collecting and reviewing the information firms have given it about the volume of transfers, conversion rate, insistent clients, income from DB business, unauthorised introducers, transfers per pension transfer specialist and expensive solutions.
Could the FCA tell me based on this sample of 1,700 firms written to:
1) What proportion of advice firms, and what proportion of individual transfers, recommended a transfer that was more expensive than a stakeholder pension?
2) What percentage of transfers in the sample were insistent clients?
3) What percentage of transfers came through unauthorised introducers?
4) What is the total income these 1,700 advisers have made from DB transfers since April 2015?
FCA response:
Please refer to supporting document