MPs offer FCA compromise on DB transfer contingent charging ban

In a letter to Financial Conduct Authority (FCA) chief executive Andrew Bailey, published today, WPC chair Frank Field suggested the regulator should explore alternative means for addressing "the problem of contingent charging". Field said an upper limit - which could be addressed in either cash or ad valorem terms - for the amount of a defined benefit (DB) transfer fee that could be received via contingent charging, should be considered. Additionally, he said the regulator should look at whether to allow individuals in DB schemes to access part of their pension pot in order to pay fo...