The government will take action if charges paid by auto-enrolled pension scheme members shoot up after the Retail Distribution Review (RDR) commission ban.
Answering a parliamentary question, pensions minister Steve Webb said the government would keep an eye the impact of the ban on member charges and act to stop abuse. He said: "RDR aims to address long-running problems that impact on the quality of advice and consumer outcomes in the UK retail investment market. "For workplace personal pensions, the Financial Services Authority (FSA) has said the RDR bans financial advisors from receiving commission set by pension providers in return for recommending their products to the employer. From 31 December 2012 advisers and employers must ag...
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