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

Data-driven or anecdotal? Examining FCA Consumer Duty board reports

Data-driven or anecdotal? Examining FCA Consumer Duty board reports

'Data is not a by-product of systems; it is a core governance asset'

Chris Davies
clock 27 March 2026 • 6 min read
FCA 'consistently behind the curve' on British Steel – Complaints Commissioner

FCA 'consistently behind the curve' on British Steel – Complaints Commissioner

Regulator hits back at Complaints Commissioner’s final report

Jenna Brown
clock 26 March 2026 • 3 min read
Advisers warned against 'cost-saving' exercises as FCA proposes ditching annual suitability requirement

Advisers warned against 'cost-saving' exercises as FCA proposes ditching annual suitability requirement

Changes offer an opportunity for more ‘meaningful’ advice

Sophia Panayi
clock 26 March 2026 • 4 min read