Reference Case Number: FOI8314
Freedom of Information: Right to know request:
Regarding the FCA's suitability review 2, which started in February last year, I wish to request the below information:
• As part of its review, the FCA sent a questionnaire to 125 randomly selected advice firms, asking for details about:
• retirement withdrawal types (eg. flexi-access drawdown);
• product names (eg. Sipp);
• withdrawal amount;
• information for both initial and ongoing advice.
Can the FCA please provide data it received from the above 125 firms.
FCA response:
We hold information relevant to your request. The aggregated data collected can be found in the tables below.
Initial / Outgoing
| Initial & Ongoing | Number of Records |
|---|---|
| Initial & Ongoing | 26 |
| Ongoing | 19,587 |
| Initial | 22,890 |
Client Age
| Client Age | Number of Records |
|---|---|
| under 55 | 369 |
| 55 - 60 | 17,946 |
| 61 - 65 | 12,268 |
| 66 - 70 | 7,517 |
| 71 - 75 | 3,618 |
| 75+ | 2,682 |
Provider + Product
| Initial & Ongoing | Number of Records | Withdrawal amount - taxable income/ad hoc | Withdrawal amount PCLS |
|---|---|---|---|
| Initial & Ongoing | 26 | £112,052 | £700,927 |
| Ongoing | 19,588 | £185,623,886 | £183,882,316 |
| Initial | 22,890 | £260,121,168 | £280,210,440 |