MPs Urge Watchdog To Outlaw Pensions Charging 'Scourge'

Law360, London (May 16, 2019, 4:38 PM BST) -- Lawmakers have repeated calls for the City watchdog to ban financial advisers from charging clients after they carry out a pension transfer, it was revealed on Thursday, amid fears the practice is fueling a misselling scandal.

Frank Field, the chairman of the parliamentary Work and Pensions Committee, increased pressure on the Financial Conduct Authority to outlaw so-called contingent charging to help prevent what he called, in correspondence published Thursday, a “glaringly obvious conflict of interest.”

MPs on the cross-party panel believe the fees give financial advisers an incentive to encourage transfers that are not in the best interests of savers. Advisers...

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