This morning, the Financial Conduct Authority (FCA) announced its final rules on capping early exit charges for consumers eligible to access the government's pension reforms from the age of 55.
The regulator stated that, from 31 March 2017, early exit charges would be capped at 1% of the value of existing contract-based personal pensions, including workplace personal pensions. Professional Adviser spoke to representatives of pension providers to gauge their reaction to the announcement. 'Charges recouped earlier costs' Royal London director of policy Steve Webb (pictured left) stressed the existing regime of exit charges was not "unfair or a rip-off or inappropriate" adding: "These charges are intended to recoup costs that occurred in the contract earlier - but t...
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