The quality of DB advice has proven to be a bigger issue than contingent charging, Tideway managing partner James Baxter has said after advice giant LEBC stopped its DB transfer work.
On Monday (2 September) Professional Adviser revealed LEBC had stopped offering advice on defined benefit (DB) transfers after a review by the Financial Conduct Authority (FCA). A note from LEBC seen by PA said the firm would not be tendering for new DB transfer projects, nor would it be able to complete existing transfer business. The national advice firm has been a consistent advocate for one of the most controversial topics surrounding DB transfers: a ban on contingent charging. The firm welcomed the Work and Pension Select Committee's recommendation to ban the practice back in May...
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