FCA to crack down on 'slower' life insurers for pension transfer process

For its latest review, the regulator investigated how life insurers handle pension transfers, following earlier work with the sector on bereavement claims. Its work covered 18 life insurers representing 80% of the market for individual personal pensions. Assessing one million transfer requests over a 12-month period, the FCA found that most firms processed transfers within reasonable times; 87% completed all transfers within 15 days if no extra checks were needed.  Where a transfer required no additional checks, the regulator found over three quarters of firms completed these trans...