Legacy pension providers will suffer more than those offering new products under the regulator's proposed changes to the Financial Services Compensation Scheme (FSCS) levy, Dentons Pensions has said.
Director of technical services Martin Tilley (pictured) argued if the regulator's proposals include legacy providers rather than providers of new products only, those with closed books would be more deeply affected by the additional unexpected costs than their competitors. The Financial Conduct Authority (FCA) is currently consulting on the way FSCS levies are being collected. The regulator proposed product providers share the burden of the cost with advisers for the first time but did nothing to suggest it would exclude those with closed books from its proposals. Although the FCA sai...
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