FCA decides to widen their DB transfer survey to ALL pension transfer advisers

Last month, the FCA sent the DB transfer questionnaire out to several firms in Scotland. This was part of a pilot request from the regulator.  This week has seen the questionnaire landing in 3,026 adviser firms’ inboxes, who hold the pension transfer permission.

Why has this been sent?

The questionnaire is based on the firm’s approach to DB pensions and is the last part of the FCA’s multi-firm supervision exercise and covers activity data from April 2015 to September 2018.

The questions are looking to gather data on how many clients you have recommended to transfer out, if any were insistent clients and what the average transfer value is amongst other things. The FCA said this information will be reviewed as part of their Retail Investment sector work on pension transfer and they will contact a firm if they decide further information is required.

Once you have sent your completed questionnaire off, along with everyone else, the FCA will then be reviewing this and they will see if they need any further information is needed from firms. What comes after this, we don’t know.

Firms have until the 3rd of December to provide the regulator with the required information.

What to do next

Firstly, It is important that you are checking your inbox and junk mail. This needs to be completed and the FCA has stated that failure to comply could result in regulatory sanctions such as public censure or financial penalties! If you have not received this questionnaire, but think you should have, call the FCA on 0300 500 0597 or email at firm.queries@fca.org.uk.

You should have been sent two documents. One containing the FCA’s s165 notice to provide information and the pension transfer data request – question guide.


We don’t know what the effects of this will be for everyone but the information that the FCA is looking at will undoubtedly cause some additional work for anyone without a strong DB process.

With this in mind, it could be a good opportunity to ensure that your systems and processes are up to date and file checks have been done.

If you need help with this then you can contact us. There is always someone available to give you a helping hand.