Financial Conduct Authority (FCA) plans to overhaul non-advised pension transfers have been slammed by AJ Bell, with its CEO saying they are the “worst kind of regulatory intervention’.
AJ Bell CEO Michael Summersgill said planned changes to non-advised pension transfers were "anti-consumer and anti-competitive". Under the proposals, receiving firms are required to gather information from the client's old pension scheme and present it to them before the transfer can proceed, unless they opt out. AJ Bell said the reforms "risk significantly delaying transfers between FCA-regulated pension schemes and will not apply to workplace pension schemes, making them completely unworkable in their current form". It added that the intervention had been put forward "without an...
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




