We are consulting on improving the quality of pension transfer advice.
The proposals we are consulting on include:
We are also seeking views on whether to intervene in relation to charging structures. This could include introducing a ban on contingent charging, which is when a fee for advice is only paid when a transfer goes ahead.
Defined benefit pensions and other safeguarded pensions provide valuable benefits so most consumers will be best advised to keep them.
In 2017, in CP17/16, we consulted on proposals aimed at providing advisers with a framework which better enables them to give good quality advice so that consumers make better informed decisions. We have now published new rules in PS18/6.
In CP17/16, we asked discussion questions on a number of topics. Respondents also raised issues not considered in the paper. This feedback, as well as findings of our ongoing supervisory work, has informed the proposals in CP18/7.
This consultation will primarily be of interest to:
The consultation may also be of interest to:
Please send us your comments by 25 May 2018:
You can also:
We will consider your feedback and publish our rules in a Policy Statement in the Autumn 2018.