FSA: Personal pension charges must be clear at point-of-sale

clock

The Financial Services Authority (FSA) will press ahead with plans to force pension providers and advisers to reveal the effect of adviser charging on pension plans at the point of sale.

In a policy statement published today, the FSA said it believes consumers must be able to see the effects of adviser charging on their personal pensions and that this is best done through point-of-sale key feature illustrations (KFIs). The regulator said will consult further on how to present information on charges in situations where payment of adviser charges is facilitated before funds are invested in a product. The FSA will also encourage pension providers to use a new format for its effect of charges (EoC) tables presented to personal pension investors. In their new format, Eo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

DB pension advice: Redress liabilities dip below 5% of transfer values

DB pension advice: Redress liabilities dip below 5% of transfer values

First Actuarial found ‘considerable drop’ in financial risk associated with DB redress

Holly Roach
clock 05 February 2025 • 2 min read
Steve Webb: HMRC tax code stance moving in right direction but still work to do

Steve Webb: HMRC tax code stance moving in right direction but still work to do

'HMRC has belatedly accepted that the status quo is unacceptable'

Steve Webb
clock 05 February 2025 • 4 min read
Andrew Goodwin: Politics and pensions - two traps for savers to avoid

Andrew Goodwin: Politics and pensions - two traps for savers to avoid

‘Financial saviour or die-hard meddler?’

Andrew Goodwin
clock 05 February 2025 • 4 min read