MPs offer FCA compromise on DB transfer contingent charging ban
Inquiry launched in January
“We remain firmly of the view that urgent action is needed to protect pension scheme members from the scourge of contingent charging" - Frank Field MP
The Work and Pensions Select Committee (WPC) has called on the FCA to explore the case for setting an upper limit for the amount of a DB transfer fee that can be received via contingent charging.
In a letter to Financial Conduct Authority (FCA) chief executive Andrew Bailey, published today, WPC chair Frank Field suggested the regulator should explore alternative means for addressing "the problem...
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