FCA bans contingent charging on DB transfers

In a policy statement issued on Friday (5 June), the regulator said the ban will remove conflicts of interest that arise when a financial adviser only gets paid if a transfer goes ahead. The FCA also said the ban would help "good advisers", who will often advise clients to stay put, to compete. It will come into effect from 1 October 2020. The regulator said to address ongoing conflicts, advisers must now consider an available workplace pension as a receiving scheme for a transfer and, if they recommend an alternative solution, demonstrate why that alternative is more suitable. The re...