FCA Urged To Go Further In Protecting Pensions From Scams

Law360, London (June 11, 2020, 2:14 PM BST) -- The Financial Conduct Authority should "go further" in introducing protections for pensions savers in defined contribution schemes, an industry group warned, after the regulator banned fee deals solely for defined benefit plans.

The Pensions Scams Industry Group said Wednesday the regulator should urgently bring defined contribution protections into its policies in future.

The FCA said last week that conditional fee arrangements, in which a financial adviser charges a client only if he or she makes a transfer of savings, would be banned for defined benefit schemes from October.

It is hoped the move will result in fewer savers transferring their savings out...

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