Financial advisers are generally in favour of keeping contingent charging on defined benefit (DB) transfers after the FCA floated the idea of banning it, according to research from Aegon.
The pension provider found support was strong for a continuation of some form of contingent charging on DB transfers in order to avoid making the so-called advice gap bigger. More than half (56%) of the 100 advisers surveyed by Aegon said they supported contingent charging on DB pension transfers, while one-fifth (21%) said they did not. The balance neither agreed nor disagreed. In a consultation paper issued in March, the Financial Conduct Authority (FCA) revealed it was considering whether to implement a ban on contingent charging for pension transfers. It said: "Given the potential...
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