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

Compliance relics: The case against PDFs and screenshots

Compliance relics: The case against PDFs and screenshots

'Partial records or flattened archives are no longer sufficient'

David Clee
clock 09 July 2025 • 5 min read
FCA data request prompts SimplyBiz's sector-wide compliance session

FCA data request prompts SimplyBiz's sector-wide compliance session

Nearly 600 advisers sign up for July webinar on navigating new s165 data requirements

Sahar Nazir
clock 09 July 2025 • 2 min read
FCA data information request: Four focus areas for advisers

FCA data information request: Four focus areas for advisers

‘Data is not just a compliance tool it’s a strategic asset’

Chris Davies
clock 07 July 2025 • 5 min read