FCA weighs up U-turn to ban contingent charging on DB transfers

In a consultation paper - CP19/25 - released this morning (30 July), the regulator expressed concern that too many advisers were delivering poor advice, much of it driven by conflicts of interest in the way they are remunerated. It described contingent charging as "an obvious conflict of interest" and, as such, argued the practice should be banned except from specific groups of customers with "certain identifiable circumstances". In the minority of cases where contingent charging was permitted, the FCA said, advice firms would have to charge the same amount, in monetary terms, for adv...