A ban on contingent charging would leave clients at risk of poor outcomes as they search for the cheapest advice option available to them, PIMFA has warned.
The financial services trade association made the comments in response to a Financial Conduct Authority (FCA) consultation on improving the quality of pension transfer advice which is due to close tomorrow (25 May). It said while the majority of recommendations set out in the paper are "proportionate and logical" it did not agree that a ban on contingent charging would be beneficial. It said it did not agree with the FCA's position that contingent charging increased the probability of unsuitable advice. PIMFA warned removing contingent charging could push consumers to either bei...
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
