FCA To Crack Down On Pension Transfer Advisers

Law360, London (July 30, 2019, 2:25 PM BST) -- Britain’s financial watchdog announced plans on Tuesday to clamp down on unsuitable pensions transfer advice, proposing a series of measures to protect consumers that includes a ban on some sales incentives.

The Financial Conduct Authority said it plans to outlaw contingent charging, in which financial advisers earn a fee when customers transfer their schemes, amid fears that the practice can encourage misselling. The regulator also wants to prevent advisers receiving recurring fees that in some cases can be paid 20 to 30 years after the transfer has taken place, it said in a consultation paper.

Under the proposals, the FCA will...

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