As far as the FCA is concerned, this issue still represents such a high risk that advisers are expected to retain pension transfer files “indefinitely”. This has raised warning lights for advisers, since it infers that clients or reviews could take place at any time in the future without any end date. This potential liability has stopped many advisers and firms from operating in this area. The Professional Indemnity Insurance providers also see this type of business as high risk and adjust their premiums accordingly.