'British Steel thrust contingent charging into spotlight' - Keith Richards

Yesterday (7 January) the Work and Pensions Select Committee launched an inquiry into contingent charging on defined benefit (DB) pension transfer advice.  In a previous inquiry into pension freedom and choice, the committee found advisers could be incentivised to give bad advice, such as recommend a DB transfer where it was inappropriate to do so, because they were only paid if the client goes ahead with the transfer. At the time, it suggested the practice should be banned.  The new inquiry will look into whether contingent charging increases the likelihood of unsuitable advice being...