'Contingent charging ban will not eliminate criminal advisers' - PIMFA

In its response to the Work and Pensions Select Committee's (WPC) inquiry into contingent charging, which launched earlier this month, the Personal Investment Management & Financial Advice Association (PIMFA) has urged the committee's members to rethink their stance on contingent charging. Following an earlier inquiry last year, the WPC urged the Financial Conduct Authority to ban the practice because it felt advisers could be incentivised to give bad advice due to the nature of contingent charging - advisers are only paid if the client goes ahead with a transfer under a contingent model...