threesixty has received hundreds of calls and emails in relation to the recent FCA letters regarding pension transfer advice, following the FCA’s data submission request last year.
Should you receive a letter, it’s important that you carefully consider your response and act promptly.
In this guide we explore the background to the FCA’s concerns and suggest points for you to consider when drafting your response. We also include some quick tips to keep in mind and highlight the pitfalls to avoid.
The FCA are writing to firms in respect of seven key concerns. It’s possible that one or more of these concerns may be highlighted in each individual letter.
The seven key concerns are:
- Volume of transfer
- Conversion rate
- Insistent clients
- Income from DB business
- Unauthorised introducers
- Transfers per pension transfer specialist
- Expensive solutions
To put your firm across in the best light, and alleviate any concerns the FCA may have with your firm, it’s important that you provide the regulator with the information they are looking for, and in the right context.
The ultimate goal is to achieve closure with the FCA following your response. It may however require your firm to consider undertaking some remedial action.