The government is to examine whether savers looking to take advantage of the pension 'freedoms' introduced in April face "excessive" early exit charges.
A consultation set to be published next month will look into whether high exit fees are being charged to individuals seeking to access their pots "and if so options to deal with them", the Chancellor George Osborne announced on 17 June. Additionally, Osborne said the Financial Conduct Authority would look into the barriers individuals face when looking to switch pension provider. The FCA will "carry out an information gathering exercise to develop the evidence base on the nature and scale of the problems facing individuals who want to transfer to a different pension provider, includin...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
