Pensions  

Read it now: Call for WPC inquiry & FCA's £300k bill

Read it now: Call for WPC inquiry & FCA's £300k bill

Advisers who have been hit by ever-rising compensation levies, especially after the pension freedoms regime came into force, have been urged to respond to a parliamentary inquiry.

In response to a letter from Financial Adviser as part of our Keep Fees Fair campaign, Stephen Timms MP, chairman of the Work and Pensions Committee, suggested advisers who had concerns about the dangers of a pensions advice gap should submit their responses to the inquiry.

The inquiry into pension freedoms five years on is in three parts, with the first part looking at the rise in pension-related scams and the reasons for these. 

The closing date for submissions to the WPC's inquiry is September 9.

In the same edition of Financial Adviser, it was revealed the Financial Conduct Authority has spent £300,000 fighting fraud online. 

According to a Freedom of Information Act request by Financial Adviser, the bill was for the regulator's spend during the first half of 2020 in fighting scams online, using paid search adverts to directly target online advertising for unsuitable or illegal financial products. 

This bumper edition of Financial Adviser also featured the winners and runners-up in our Diversity in Finance Awards 2020. Although we had to step back from hosting an in-person champagne reception, the awards were presented on September 2 in a special online event.

Financial Adviser was joined by guest speaker Dr Sheila Ochugboju, international development specialist, Keith Richards, chief executive of the Personal Finance Society and by Dominic Grinstead, managing director of MetLife, which was the awards' diversity partner. 

To find out who the winners were, as well as read exclusive news analysis, book reviews, comment and community stories, take a peek inside this digital edition of Financial Adviser. 

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Until we meet again in person, take care

Simoney Kyriakou

To find out more about our #KeepFeesFair campaign, email simoney.kyriakou@ft.com