Reference Case Number: FOI8638
Freedom of Information: Right to know request:
Under the Freedom of Information Act and in reference to a previous FOI (ref: FOI7614), I would like:
- A breakdown of the value of income drawdowns and the total number of income drawdowns by people aged 55
Please can I have the data broken down by the following quarters:
- Q3 2020
- Q4 2020
- Q1 2021
- Q2 2021
- Q3 2021 (if the data is available)
FCA response:
The requested information can be found in the table below.
|
Quarter |
Number of Sales |
Total Premium Amount |
|---|---|---|
|
Q3 2020 |
5,832 |
£524,928,751 |
|
Q4 2020 |
7,519 |
£618,802,803 |
|
Q1 2021 |
7,027 |
£615,056,465 |
|
Q2 2021 |
7,224 |
£626,749,969 |
- The data provided is based on the retail investments product sales data reported by FCA regulated firms, in line with their requirements under SUP 16.11 of the FCA Handbook.
- The data is provided by quarter from Q3 2020 to Q2 2021, which is the most recent data currently available. The data for Q3 2021 is not yet available. This is because regulated firms are required to submit the data to the FCA on a quarterly calendar basis and within 20 business days of the end of the quarter.
- The retail investments product sales data does not include all data on transactions made through nominee accounts (such as those used in platforms). This means there may be other income drawdown sales not captured as part of the product sales data. Furthermore, the data only captures new sales. Transfers, top-ups, alterations, increments and renewals are generally not included.
- The value data ('Total Premium Amount') should be used with caution as it is not always reliable due to the way it is reported. The regular premiums are annualised, i.e. the monthly premium is multiplied by 12, and this is not always accurate. The annualised premium amount is indicative of the actual initial investment/drawdown made by the customer, and we recognise that the reported premium is not the exact premium amount invested/ withdrawn.
- The customer date of birth is an optional field, so not all firms submit this information. Therefore, the data we have provided represents income drawdowns accessed by people aged 55 where the firm has submitted the customer’s date of birth.