Half of advisers believe contingent charging ban would widen advice gap

And cut demand for DB advice

Sophie King
clock • 1 min read

Half (51%) of those who advise on defined benefit (DB) schemes believe the proposed ban on contingent charging would result in a fall in demand for DB advice, according to research from Aegon.

The life giant also found advisers believe a fall in demand for DB transfer advice would widen the advice gap. The research was carried out in the wake of the Financial Conduct Authority's (FCA) proposal to ban contingent charging. In consultation paper CP19/25, which was published 30 July, the regulator expressed concern too many advisers were delivering poor advice - much of it driven by conflicts of interest in the way they are remunerated. Aegon also found a fifth (21%) of advisers were confident a ban would not result in demand for DB transfer advice falling. More than a quarter ...

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