FCA contingent charging ban dubbed 'draconian'

Reducing amount of financial advice

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Dennis Hall: “Instead of removing the problem, which is bad advice, it’s removing advice.”
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Dennis Hall: “Instead of removing the problem, which is bad advice, it’s removing advice.”

Some advisers have described the Financial Conduct Authority’s (FCA) ban on contingent charging for defined benefit (DB) transfers as a ‘draconian’ measure that could lead to less advice being given to those who need it.

The FCA on Friday (June 5) banned the use of contingent charging in DB advice, except under certain circumstances. The new rules come into place on 1 October. The ban has been expected since the FCA's...

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