UK regulator to clampdown on certain pensions transfer fees

Pedro Gonçalves
clock • 2 min read

The Financial Conduct Authority is proposing a ban on contingent charging and wants to force advisers to demonstrate why their recommended scheme is more suitable than a workplace pension scheme. The FCA found that 69% of consumers were advised to transfer and that most would have been better off not moving their accounts. The regulator said it had "serious concerns" about how advisers charge for advice, and that distrust in the quality of pension transfer advice was growing, according to the statement. In a consultation paper out this Tuesday, the watchdog stated that given the advan...

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