PensionsJun 11 2020

Read it now: The death of ongoing fees & more IFA support needed

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Read it now: The death of ongoing fees & more IFA support needed
BySimoney Kyriakou

The Financial Conduct Authority could be set to crack down on ongoing advice fees more widely, industry commentators have claimed. 

In this week's front-page story in Financial Adviser, advisers and commentators suggested the mood music of the FCA's policy statement on defined benefit transfers may result in the death of ongoing fees.

Mike Barrett, consulting director at the Lang Cat, said most companies would accept and adjust to the contingent charging ban, albeit reluctantly, in some cases.

But he added the regulator’s renewed salvo against conflicts of interest in the pension advice market could have a far wider-reaching impact. 

Elsewhere in Financial Adviser, Derek Bradley, chief executive of Panacea Adviser, said financial advisers needed greater support from regulators over businesses' balance sheets in the light of Covid-19's impact.

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Simoney Kyriakou, editor