Providers welcome FSA's non-prescriptive charging guidance

In June 2010, the FSA announced as part of the RDR it would ban the payment of commission on new corporate pension schemes from 31 December, 2012. Instead of commission, the FSA said advisers would need to be remunerated by other means, including fees and/or consultancy charges. However, the FSA said it recognised the corporate pensions market was distinct from other areas covered by the RDR and asked the Society of Pension Consultants (SPC) to provide a chairman to lead a group to look into the allocation of consultancy charges among members of workplace pension schemes. SPC chai...