Work and Pensions Select Committee (WPC) chair Frank Field has accused the Financial Conduct Authority (FCA) of "lumbering into action" after the regulator announced plans to consult on contingent charging.
In February 2018, the WPC urged the FCA to ban the use of contingent changing in financial advice, claiming it was "a key driver of poor advice" and that "genuine independence is not compatible with a charging model that only rewards advisers for recommending a particular course of action". Later that year the FCA decided to hold off on banning the practice, though promised it would carry out further analysis and intervene if it felt it was appropriate to do so. Earlier today (30 July), the FCA announced plans to consult on banning contingent charging. On the FCA's newest plans, Fie...
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