Reference Case Number: FOI9256
Freedom of Information: Right to know request:
1. How many letters have been sent out since 1 April 2022 to regulated advice firms who are subject to a Requirements Notice to review past business Defined Benefit Transfers, requesting "that any further proactive reviews relating to your firm's DB transfer advice are now paused, pending the results of our British Steel Pension Scheme redress consultation…”?
2. And how many of these (if not all) also request "that [the] firm pauses all DB transfer past business review work pending the outcome of the consultation”?
FCA response:
1. Since 1 April 2022 we have issued two letters to regulated advice firms subject to a Requirement Notice to review past Defined Benefit transfer business requesting "that any further proactive reviews relating to your firm's DB transfer advice are now paused, pending the results of our British Steel Pension Scheme redress consultation..."
2. Both letters issued also contained the request “that [the] firm pauses all DB transfer past business review work pending the outcome of the consultation."