The Personal Finance Society wants the Government to impose a ‘seven basis points’ levy on funds under management per year as a solution to FSCS funding problems.
The Financial Conduct Authority has today proposed a ban on contingent charging on pension transfers and reaffirmed its view that DB transfers should be considered unsuitable unless there is a good reason to transfer.
Financial advisers say they are experiencing an increase in insistent clients disagreeing with their recommendations on defined benefit pension transfers.
Standard Life has called for the partial transfer option to be a mandatory part of DB transfer advice.
I have just finished AJ Bell’s annual tour of the UK where a host of lucky advisers got to hear me talk about the current key pension issues.
The FCA has fined a compliance oversight officer for pension transfer failings after about 500 customers with pensions worth £12.7million were advised to move from a DB to DC scheme.
Pension experts, including the former Pensions Minister have backed the scrapping of ‘outdated’ guidance on DB transfers, saying that change was “long overdue” and the regulatory framework was “past its sell-by date”.
The number of DB transfers completed in the first three months of 2017 increased 166%, a Sipps firm has revealed.
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