Reference Case Number: FOI8367
Freedom of Information: Right to know request:
(a) How many firms have given up their DB transfer permissions between 1 January and 20 May this year?
1. of those, how many voluntarily gave up their DB permissions?
2. out of the total number of firms from question a, how many were under investigation by the FCA in regard to DB transfer advice given?
3. out of the total number of firms from question a, how many were told to give up their DB transfer permissions by the FCA?
(b) to the FCA's best knowledge, to 20 May 2021 how many firms are left in the market that have DB (pensions) transfer permissions?
FCA response:
Point a
Between 1 January 2021 and 20 May 2021, a total of 213 firms relinquished their Defined Benefit (DB) Transfer permissions.
1. All of the 213 firms that gave up their DB transfer permissions did so voluntarily.
2. Two firms were under investigation in regard to transfer advice.
3. We can confirm that out of 213 firms who gave up their DB transfer advice permissions, as at 25 June 2021, 27 of them agreed voluntarily to give up their permissions after the FCA asked them to consider doing so as part of our engagement with the firm.
Point b
As at 20 May 2021, a firm population of 1,311 firms held DP transfer permissions.