A one-size-fits-all approach to adviser charging principles for group personal pensions must be avoided.
In its response to a consultation on issues surrounding GPPs in the FSA's Retail Distribution Review, the Society of Pension Consultants (SPC) says the freedom of employers to agree the structure of GPP arrangements was vital - and would promote competition as an effective self-regulator in the corporate market. The trade body adds charging on a member-by-member basis would be "inappropriate". SPC president Duncan Howorth says: "Services vary materially between clients and therefore a ‘one size fits all approach' is not appropriate. "Advisers and clients should remain free to agree...
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