National retirement adviser LEBC has given up its DB transfer permissions following an FCA review.

LEBC confirmed the move this week but has declined to comment further.

LEBC’s majority owner, the private equity firm BP Marsh & Partners, released a statement to the London Stock Exchange this week confirming the move and said LEBC’s division that dealt with DB transfers has “voluntarily” agreed to “cease the provision of DB transfer advice and projects” immediately.

BP Marsh, which owns nearly 60% of LEBC Holdings Limited, says it expects the move to reduce the valuation of LEBC but it will continue to support the company with the aim of restoring its value.

LEBC Holdings Ltd is the parent company of LEBC Group Limited.

In its statement BP Marsh said: “As part of its market-wide review of the defined benefit (DB) transfer market, the FCA has undertaken a review of LEBC focused on the division of the business that provides DB pension transfer advice.

“Following this, LEBC has agreed voluntarily to cease the provision of DB pension transfer advice and projects, forthwith.”

LEBC, led by chief executive Jack McVitie, is working on a number of initiatives to deal with the issue, said BP Marsh which is working closely with the LEBC management to deal with the issue.

The company will provide an update on the DB transfer cessation when it issues its trading update shortly.