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Data Bulletin Summary - February 2016, Issue 5

Core Content

This Data Bulletin provides an overview of key financial market data and updates from the Financial Conduct Authority (FCA), focusing on the retirement income market and consumer credit authorisations. It aims to increase transparency and inform both firms and consumers about regulatory activities and market trends.

Main Points and Key Information

Retirement Income Market Data

• The pension reforms have significantly changed how consumers access their pensions.
• Data was collected from retirement income providers for the period July to September 2015, which is the second quarter post-implementation of pension reforms.
• 178,990 pensions were accessed during the quarter, representing a 13% drop from the previous quarter (April to June 2015).
• 120,969 pensions were fully cashed out, with 88% of these involving pots of less than £30,000.
• 68% of Guaranteed Annuity Rates (GARs) were not taken up, with 79% of these in pots under £30,000 and 90% under £10,000.
• 71% of customers making a partial withdrawal took less than 2% of their pot after tax-free cash, with those aged 55-59 making the highest withdrawals.
• 58% of drawdown and 37% of annuity customers used a regulated adviser, with larger pension pots more likely to involve regulated advice.
• 58% of drawdown and 64% of annuity customers stayed with their existing provider, indicating that many consumers are not making new purchase decisions.

Consumer Credit Authorisations

• As of 30 September 2015, there were 39,926 consumer credit firms (excluding appointed representatives).
• 21,438 had been authorised, including 760 grandfathered and 20,678 that had applied and been authorised.
• 18,488 had interim permission, and 1,359 applications from new-to-market firms were still being processed.
• The majority of authorised firms operate as credit brokers.
• 71% of eligible firms applied for authorisation, including 5,356 that became appointed representatives and 276 that reapplied after lapsing/canceling.
• 64% of all applications were for limited permission.
• The average processing time for applications was 11 weeks for limited permission, 12 weeks for variation of permission, and just under 26 weeks for full permission.
• 0.3% of cases breached statutory deadlines, with the main reason being difficulties in obtaining information from firms.

Complaints Against the FCA

• Between 1 December 2014 and 30 November 2015, the FCA received 491 complaints.
• 246 complaints were received between 1 December and 31 May 2015, and 245 between 1 June and 30 November 2015.
• 58% of allegations were not upheld, while 42% were upheld in whole or in part.
• 47% of allegations were not investigated due to various reasons, such as being a general expression of dissatisfaction or being outside the FCA's scope.

Financial Promotions

• Between 1 July and 30 September 2015, 1,108 financial promotions were reviewed.
• 34 cases resulted in one or more promotions being amended or withdrawn.
• The number of cases varied by sector:
  • Consumer credit: 22 cases
  • Retail investments: 9 cases
  • Pensions and retirement income: 1 case
  • General insurance: 2 cases

Attestations

• Attestations are used to ensure accountability and focus on resolving specific issues.
• In Q2 2015/16, 15 attestations were requested, with data broken down by firm categories and sectors.
• The FCA classifies firms into four categories (C1-C4) based on size, customer numbers, and risk level.
• Q3 data will be available in the next issue of the Data Bulletin.

Skilled Person Reports

• Skilled person reports are used for independent reviews of regulated firms.
• In Q2 2015/16, 13 skilled person reports were commissioned.
• Two reports were commissioned under the FCA's power introduced in the Financial Services Act 2012, while the remaining 11 were commissioned by the firms themselves.
• Data on the number of skilled person reports by sector will also be included in the next issue.

Additional Sections

• Annex 1 provides detailed data on consumer credit authorisations, including application periods, volumes, and determinations.
• Annex 2 includes a glossary of terms used in the bulletin, explaining terms like "Application Period," "Appointed Representatives," and "Authorised."

Useful Links

• Visit the FCA's website for more information on skilled person reports.
• Review the underlying data pack for more detailed statistics on complaints and financial promotions.

Feedback

The FCA encourages feedback from stakeholders on what data would be most useful to include in future Data Bulletins. Feedback can be sent to: fcadataandanalysis@fca.org.uk.