Negligent Pension Advice Crackdown by Regulator

The Financial Conduct Authority (FCA) has put forward a proposal for a crackdown on “contingent charging” in plans put up for a consultation on Tuesday 30th July 2019. This would prevent financial advisers from charging a commission when clients would be financially worse off by moving their pension, such as moving out of a Final salary pension.

The FCA has changed their view since last year, due to the huge increase in the transfer of final salary pensions, which results in people losing valuable guarantees and death benefits. The FCA would also like to resolve the conflict of interest from financial advisers continuing to receive ongoing fees 20 to 30 years after a transfer.

According to the FCA, many savers aren’t engaged in pension decisions and they find the charges and products too complex to compare. The FCA is considering how the advisers’ charges are disclosed and the best way to ensure people understand the advice that they are being given.

The consultation is due to take place on 30th October 2019, with any new legislation being put into force in early 2020.

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