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Thursday, 17th September 2015

UK: FCA Pension Freedoms Data Collection Exercise: Analysis and Findings

Source: Financial Conduct Authority (UK)

From the Introduction:

This report sets out the results of the FCA data collection exercise that gathered information across a number of areas of the pensions and retirement income market:
• Consumer access to pension freedoms.
• Financial advice requirements and the treatment of insistent clients.
• The pension transfer procedures.
• Exit charges....

The data we received gives an important insight into the working of the new pension freedoms in the first three months of their operation. Over 200,000 pension policies have been accessed in a period of three months. Between 80% to 90% of people could access their pension through drawdown or uncrystallised fund pension lump sum (UFPLS) without needing to transfer providers. In practice a majority of consumers (particularly those seeking drawdown) need to transfer to a new contract within their existing provider to access their money in their preferred way

+ Direct link to document (PDF; 1.2 MB)



Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

More articles by Adrian Janes »

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