online

FCA data request - DB pension transfers and PII policies with limitations

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.

If you’re not a client, to read this content you must sign up for a free guest account

Clients of threesixty are kept up to speed with the latest regulatory, industry and technical developments via our regular news and opinions articles.

As well as being updated via the articles we publish to threesixty online, clients can specify to us what type of articles they want to receive (by category) and how frequently they receive them.

To try this service, simply register your details with us and we'll give you 3 months free and unlimited access to our news and opinions.