Advisers disagree with call for contingent fee ban

The comments followed the latest report from the Work and Pensions Committee on the British Steel Pension Scheme (BSPS) saga, in which MPs urged the Financial Conduct Authority to ban the use of contingent charging in financial advice. Contingent charging - when a client only pays an adviser charge when they buy the recommended product - was not, however, the root problem of poor advice, said Red Circle Financial Planning Chartered IFA Darren Cooke. "I understand the argument although I disagree with it," he said. "I don't necessarily think contingent fees are the problem and there ar...