PIMFA calls on FCA to 'raise the bar' in its pursuit of contingent charging

Not the underlying cause of poor advice

Sophie King
clock • 1 min read

The Personal Investment Management & Financial Advice Association (PIMFA) has asked the FCA to 'raise the bar' in its pursuit on contingent charging.

In July, the Financial Conduct Authority (FCA) began consulting on plans to ban contingent charging on defined benefit (DB) transfer advice. In consultation paper CP19/25, the regulator expressed concern that there were too many advisers delivering poor advice. In a letter to the FCA published today (28 October), PIMFA senior policy adviser Simon Harrington said it agreed that too many people have transferred from their pension since pension freedoms were introduced in 2015, which was partly as a result of poor advice. However, Harrington said this needs to be met with a recognition t...

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

Administrators appointed at alleged £23m unauthorised investment scheme firm

Administrators appointed at alleged £23m unauthorised investment scheme firm

FCA issued High Court proceedings against Concept Capital Group last year

Jen Frost
clock 13 March 2026 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 12 March 2026 • 1 min read
Advice firm and alternative investment fund manager declared in default

Advice firm and alternative investment fund manager declared in default

Chancery Partnership and MCI Global Investment Advisors

Jen Frost
clock 09 March 2026 • 2 min read