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UK ban on contingent charging in pension advice impacted market, review finds

( January 30, 2025, 13:00 GMT | Official Statement) -- MLex Summary: A ban on contingent charging in defined benefit pension transfer advice led to firms leaving the market, revenues falling and reduced the number of customers transferring their pensions, a review has found. The UK Financial Conduct Authority banned contingent charging — where advisers only get paid if their client transferred from a defined benefit pension to a defined contribution pension — in 2020 following evidence that customers were being advised to transfer their pension when it wasn’t in their interest to do so. Statement below, report attached. ...

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