FCA non-advised pension transfer plans branded 'anti-consumer'

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...