Information on the data request to financial advisers of the Rolls-Royce DB Scheme - August 2021

FOI Release Date of Release:

Reference Case Number: FOI8254

Freedom of Information: Right to know request:

As part of the FCA's investigation into advice firms advising members of the Rolls-Royce DB scheme:

  • To 20 April 2021, how many firms have been ordered to pay client redress after giving DB transfer advice to RR clients?
  • To 20 April 2021, what was the amount of this redress? 
  • To 20 April 2021, how many firms have been asked to give up their pensions transfer permissions; have voluntarily given up their permissions or have amended their DB transfer permissions?

FCA response:

Following our data request to financial advisers of the Rolls-Royce DB scheme, 6 (six) firms were asked to provide further information.  Subsequently, 2 (two) of these firms have voluntarily varied their permissions.

As at 20 April 2021, 1 (one) firm had been asked to redress some of its clients.  We do not hold information on the amount/s of redress payable.