Reference Case Number: FOI8757
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 26 October:
- How many firms have been ordered to pay redress by the regulator?
- What is the total number of firms under investigation/asked to undertake a past-business review?
FCA response:
- In relation to the first part of therequest, we have interpreted ‘ordered’ to mean circumstances where the FCA has used its formal powers to require a firm to pay redress. As such, no firms have been ordered to pay redress. One firm has been asked to pay redress to clients, however, this did not require the use of our formal powers.
- Concerning the second part of your request, we have interpreted ‘under investigation’ to mean those firms which have been placed under Enforcement investigation. As such, no firms have been placed under Enforcement investigation as a result of our review of advice given to members of the Rolls-Royce Scheme. No firms have been asked to undertake a Past Business Review.