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