PFS raises concerns over 'misleading' FCA pension transfer cost template

'Does not live up to principles'

Sophie King
clock • 2 min read

The Personal Finance Society (PFS) has raised concerns the Financial Conduct Authority's (FCA) pension transfer advice cost template could mislead clients.

As part of its consultation paper CP19/25, published on Tuesday morning (30 July), the regulator suggested all firms who advise clients using a pension transfer specialist should produce a one-page summary outlining the suitability and cost of the advice given. The FCA was specific about the charges advisers had to display in the summary. In response, the PFS said it was concerned with the FCA's table (see below) and the potential "misleading nature" of its conclusions. Source: FCA's CP19/25 'Disclose in pounds and pence' PFS chief executive Keith Richards (pictured) said: "Fo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA dismisses British Steel complaints after lengthy investigation

FCA dismisses British Steel complaints after lengthy investigation

Regulator acknowledges decision will be ‘disappointing’ for complainants

Jenna Brown
clock 22 April 2024 • 2 min read
Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read