Proposed contingent charging ban 'throwing the baby out with the bath water'

Pension transfer proposals

Sophie King
clock • 2 min read

The proposed ban on contingent charging on DB transfers is the "wrong solution to the problem", financial adviser Scott Gallacher has said.

Last month (30 July), the Financial Conduct Authority said it was consulting on plans to ban contingent charging on defined benefit (DB) transfer advice.  In consultation paper CP19/25, the FCA expressed concern that too many advisers were delivering poor advice and said much of it was driven by conflicts of interest in the way they are remunerated. Rowley Turton director Gallacher said he did not think the regulator understood the "true costs" of running a business. He said the FCA had "significantly underestimated" the hours a DB transfer takes to complete, as well as the hourly ...

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

Paul Bruns: Ongoing review flexibility and the advice gap

Paul Bruns: Ongoing review flexibility and the advice gap

Changes are still currently only at proposal stage

Paul Bruns
clock 10 August 2026 • 5 min read
How considering vegetable peelers can inform your product design

How considering vegetable peelers can inform your product design

FCA released two reports to mark the third birthday of Consumer Duty

Alison Gay
clock 31 July 2026 • 4 min read
Andy Wealthall: Is there still a place for annual suitability reviews?

Andy Wealthall: Is there still a place for annual suitability reviews?

'We shouldn't solve one problem by creating another'

Andy Wealthall
clock 30 July 2026 • 4 min read