FCA has published the second supervisory notice it made in relation to DAC Pensions Limited, a small SIPP operator. The firm had accepted significant business from two EU-based introducers, operating in the UK under services passports. However, the firms did not have the appropriate top up permissions to advise on pensions, and customers were advised to transfer into various funds, including some UCIS. FCA asked the firm to make enquiries into their introducers’ ability to provide the advice, but the firm did not follow up on inconsistent responses, and carried on doing business with one introducer even when FCA explicitly told it the introducer lacked the appropriate permissions. The firm also failed to communicate redemption notices relating to the UCIS in a timely manner. Eventually, the firm stopped doing business with the introducers, but refused to implement FCA’s suggestion that it should write to all customers explaining that the introducers had not been authorised, what would be done as a result, and what their complaints options were – notably the right to complain to the firm. FCA was therefore forced to impose a requirement, setting out the wording of the letter the firm had to send.