The former Chief Executive of the FCA told us that, as the BSPS case unfolded, the FCA did not have the data to tell it which firms had provided advice to members and found it difficult accessing this information when it needed it. This delayed its response and meant it was unable to warn BSPS members of the risks as soon as it would have liked.21 10 C&AG’s Report, para 2.4 11 C&AG’s Report, para 3.8 12 Q 9 (27 April) 13 C&AG’s Report, para 10 14 Qq 2, 36, 53 (27 April) 15 Q 8 (27 April) 16 Q 23 (27 April) 17 Q 57 (27 April) 18 Qq 59–63 (27 April) 19 Written evidence submitted by PIMFA dated April 2022 20 Qq 39, 40 (27 April); Q 46 (13 June) 21 Qq 23, 36 (13 June) Investigation into the British Steel Pension Scheme 11 The FCA’s lack of market data meant it was also unaware of the scale of BSPS transfers taking place to enable it to initiate a proactive response.22 Transfer data is monitored by The Pensions Regulator (TPR), the regulator of occupational pension schemes, but was not collected in real-time or shared with the FCA.23 Since the BSPS case, the FCA told us it has made significant changes to its co-operation and data sharing with TPR and where similar risks have been identified, such as in the Rolls-Royce case, the regulators have worked together to issue early warnings to consumers.24