FCA proposes 1% cap on pension freedom exit charges
Will ban fees on new contracts
The Financial Conduct Authority (FCA) has proposed to ban early exit charges for new pension freedom contracts and cap existing ones at 1% of the value of the pot.
In a consultation paper out on 26 May, the regulator said the new cap will affect personal and stakeholder pensions - both individual and workplace - and self-invested personal pensions. The Department...
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