Exchange of letters confirming FCA support on Pension Freedoms
Exchange of letters confirming FCA action to support the implementation of the pension flexibility reforms.
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The Economic Secretary to the Treasury, Harriett Baldwin, has written to Martin Wheatley, CEO of the Financial Conduct Authority (FCA), requesting that the FCA gather information from providers to understand the scale of the problems facing individuals who want to transfer to a different pension provider, in tandem with the government’s consultation.
The letter also welcomes FCA support in assessing the process and timing barriers which may face consumers seeking to transfer their pension to another provider; and highlights the issue of barriers facing consumers seeking to transfer their pension savings.
In response the FCA have confirmed that they will look to gather specific evidence relevant to the consultation announced by the Chancellor, and in particular evidence regarding the prevalence and level of exit fees and charges across the industry.
The FCA will also explore further whether there are any unfair barriers facing consumers seeking to transfer.
Update: publication of the FCA’s results
The FCA have now published the results of their evidence collection regarding the prevalence and level of exit fees and charges across the industry. Acting CEO of the FCA, Tracey McDermott, has written a letter to the Economic Secretary to the Treasury, setting this out. The results can be accessed on the FCA’s website.
Last updated 16 September 2015 + show all updates
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The FCA have now published the results of their evidence collection regarding the prevalence and level of exit fees and charges across the industry. Acting CEO of the FCA, Tracey McDermott, has written a letter to the Economic Secretary to the Treasury, setting this out.
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First published.