In June and July, many firms with full pension transfer permissions were contacted by the FCA and asked to complete a survey. The survey required firms to provide data about their pension transfer business and supply information about relevant PII exclusions aggregate indemnity limits for DB transfer advice.
The FCA has now started to reply to firms by email on an individual basis. This contact largely appears to relate to FCA concerns about PII cover. A typical example would be that the firm’s cover for DB pension transfer advice is limited to £500,000 instead of the required minimum aggregate cover amount of €1,850,000.
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