FSA: Personal pension charges must be clear at point-of-sale

clock

The Financial Services Authority (FSA) will press ahead with plans to force pension providers and advisers to reveal the effect of adviser charging on pension plans at the point of sale.

In a policy statement published today, the FSA said it believes consumers must be able to see the effects of adviser charging on their personal pensions and that this is best done through point-of-sale key feature illustrations (KFIs). The regulator said will consult further on how to present information on charges in situations where payment of adviser charges is facilitated before funds are invested in a product. The FSA will also encourage pension providers to use a new format for its effect of charges (EoC) tables presented to personal pension investors. In their new format, Eo...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read