LEBC transfer halt 'shows quality of advice is bigger issue than contingent charging'

FCA consulting on contingent charging ban

Hannah Godfrey
clock • 2 min read

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...

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 Your profession

My Care Hub expands to public following strong adviser support

My Care Hub expands to public following strong adviser support

Advice sector has played ‘pivotal role’ in successful rollout of care guidance platform

Jenna Brown
clock 10 September 2025 • 4 min read
CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

Rain Newton-Smith claims ‘the time for tinkering is over’

Isabel Baxter
clock 10 September 2025 • 2 min read
'Fundamentally' different advice profession risks reputational damage from football scandal

'Fundamentally' different advice profession risks reputational damage from football scandal

High profile advice incidents like V11 ‘damaging’

Isabel Baxter
clock 09 September 2025 • 3 min read