The Financial Conduct Authority has unveiled a range of pension-related proposals with a view to improving the quality of pension transfer advice and helping consumers obtain "better value from their pension".
The package includes Consultation Paper 19/25, which proposes a ban on contingent charging for pension transfer advice, an update on the work the regulator has been doing on non-workplace pensions and its final policy statement - PS19/21 - for the Retirement Outcomes Review. The FCA said the proposed ban on contingent charging, which Professional Adviser covers in more detail here, was designed to protect customers from the potential conflicts of interest that arise where a financial adviser is only paid if a transfer goes ahead. FCA proposes low-cost 'abridged advice' service for DB ...
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