FCA Defined benefit pension transfers market data October 2018-March 2020

The FCA looked at data collected from firms on the Defined Benefit (DB) pension advice market, between 1 October 2018 and 31 March 2020.

* This is the second set of ad hoc data we are publishing about the DB pensions transfers advice market. The first, published in June 2019, covered the period of April 2015 to September 2018. This second data set covers the period of October 2018 to March 2020. From April 2021, all firms with the DB transfer permission must report this data on a 6-monthly basis.
* Overall the FCA continues to believe that for the majority of people it is not in their interest to transfer out of a DB pension. Where an individual seeks advice to transfer it is important that advice given is suitable and appropriate for their needs and situation. Where we find that firms are not meeting our expectations we will take action to ensure firms put things right.
*The data shows some signs of improvement in the DB transfer advice market, most notably:

1. the significant fall in conversion rates indicates that firms are starting to act more in line with our expectation and messages that for DB advice, in most cases, a transfer is not in the client’s best interest
2. a significant reduction in clients proceeding to transfer against advice as insistent clients

* The data shows a reduction in the number of firms offering DB advice. In some cases this will be as a result of not having adequate professional indemnity insurance for DB transfer advice, other firms have given up the permission as they had not used it for an extended period. There are 1521 firms with DB transfer advice permission (at the time of publication).
* All firms providing DB transfer advice should take note of our Draft Guidance and in due course, our Finalised Guidance, to check their understanding of our rules and their application, and to ensure they give suitable advice.

英国金融服务监管局（FCA）对2018年10月1日至2020年3月31日期间收集的关于确定福利（DB）养老金咨询市场的企业数据进行调查。这是关于DB养老金转移咨询市场的第二套临时数据集。第一套数据集于2019年6月发布，覆盖了2015年4月至2018年9月的时期。本数据集涵盖了2018年10月至2020年3月的时期。自2021年4月起，所有拥有DB转移许可的企业必须每6个月报告一次此类数据。总体而言，FCA继续认为，对于大多数人而言，将养老金从DB方案中转移出去并不符合其利益。当个人寻求转移建议时，重要的是所提供的建议必须适合并适合其需求和情况。当我们发现企业未能达到我们的期望时，我们将采取行动确保企业纠正这些问题。数据显示DB转移咨询市场呈现出一些改善的迹象，尤为显著的是：1. 转换率的显著下降表明，企业在开始按照我们的期望和消息采取行动，即在大多数情况下，转移并非客户的最佳利益；2. 遵循建议进行转移的客户数量显著减少。数据显示提供DB咨询的企业数量有所减少。在某些情况下，这可能是因为没有足够的职业责任保险用于DB转移咨询，其他企业则因为长期未使用该许可而放弃了许可。截至发布时，有1521家企业拥有DB转移咨询许可。所有提供DB转移咨询的企业都应关注我们的草案指南，并在适当的时候关注我们的最终指南，以检查其对规则的理解及其应用，并确保他们提供适当的建议。