Commenting on the FCA’s proposals to ban contingent charging on defined benefit (DB) pension transfer advice, Stuart Bradbury, pensions director at PwC, said:
"The proposals would be an important step in protecting DB members and improving trust in the financial advice received at retirement.
"However, it is important to remember that contingent charging has become more commonplace because many members find the up-front cost of advice to be prohibitive. The proposed changes increase pressure on DB schemes and sponsors to step in by funding impartial financial advice as part of their scheme's retirement process. The good news is that schemes can access lower advice fees by funding on a group basis."
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