The Financial Conduct Authority (FCA) has held back from making any changes to its rules on contingent charging for defined benefit (DB) transfers in its latest policy paper on the subject.
In its March consultation paper on improving the quality of pension transfer advice, the regulator said it was "considering if it is necessary to intervene in the way charges are levied for pension transfer advice". It said this could result in a ban on contingent charging. In its final rules and guidance, PS 18/20, published on Thursday (4 October), the FCA said its initial analysis confirmed "the evidence it has seen does not show that contingent charging is the main driver of poor outcomes for customers". FCA executive director of strategy and competition Christopher Woolard (pictu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
