FCA: Life insurers’ pension transfer process

FCA has published findings from its multi-firm review of life insurers’ pension transfer process. FCA requested data from 18 life insurers, representing approximately 80% of the individual personal pensions held by life insurers. The data included the average time firms took to complete a pension transfer, how they monitored and delivered their transfer processes, and the challenges they encountered in achieving good customer outcomes. FCA identified firms with slower service times and will follow up with them. FCA also intends to publish feedback and any consultation proposals “in due course” following its December 2024 discussion paper (DP24/3) which considered how best to ensure consumers make informed decisions about whether to transfer.