Contingent charging led to doubled rate of DB transfers - LCP

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Contingent charging led to doubled rate of DB transfers - LCP

About 70% of clients who employed advisers with a contingent charging model chose to transfer their defined benefit (DB) pension, more than double the rate of those who chose the opposite structure, Lane Clark & Peacock (LCP) found. A Freedom of Information (FOI) request to the Financial Conduct Authority (FCA) by the pensions consultant found 68.25% of contingent charge clients chose to make the transfer, compared to 27.97% in the opposite group. LCP said this showed the clear "bias"...

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