Article preview: The scandal of unsuitable transfers from defined benefit (final salary) pensions to private pension pots has been a regular feature in the financial press in recent years. Moving from the certainty of a guaranteed income for life to a capital sum, which is subject to investment risks, is no easy decision to make. While most financial advisers operate professionally and impartially when advising on pension transfers, a minority have given the regulator cause to update their guidance and introduce new rules, all with consumer protection in mind. The latest package of measures from the Financial Conduct Authority (FCA) includes a proposed ban on ‘contingent charging’ for pension transfer advice.
Contingent charging ban designed to tackle unsuitable pension transfers
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This 669-word blog post explains new FCA proposals to ban contingent charging on defined benefit pension transfers, as well as introducing other measures designed to enhance consumer protection. Written on 4th August 2019.
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