The FCA has today proposed a ban on contingent charging for pension transfer advice. In a raft of pensions related publications, the consultation proposing the ban has been issued alongside a policy statement on the longstanding retirement outcomes review and a feedback statement on competition in workplace pensions.
Contingent charging in this context is where the advisory fee (usually a percentage of fund value) is dependent on the client accepting a recommendation to transfer. The FCA is therefore concerned that this can lead to unsuitable advice.
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