Cancellation rights (or lack thereof) for pension commencement lump sums (PCLS) proved a bone of contention this week.
The stance taken on tax-free lump sums by the Financial Conduct Authority (FCA) and HMRC "belies belief", according to Nucleus technical services director Andrew Tully, who put the duo on blast over a reminder that effectively there are no PCLS cancellation rights. "We need to be putting customers' interests at the heart of these decisions – and that means giving people a period of time to reflect on a major financial decision and reverse their position if they believe they have made a poor decision," Tully set out. The reminder issued by the FCA, which came in tandem with HMRC highli...
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