FCA publishes multi-firm review findings of life insurers' pension transfer process
The Financial Conduct Authority (FCA) has published findings from its multi-firm review of life insurers' pension transfer process. The review, covering 18 firms managing 80% of individual personal pension policies, highlights how firms manage and monitor transfers and the challenges they face in delivering good customer outcomes. The FCA noted examples of good practice, including the use of digital platforms, improved customer communications and regular process reviews. It intends to follow up with firms where delays were identified and continues to work with industry to improve transparency, empower consumers and ensure firms meet evolving market demands.