UK watchdog urged to cap pension charges to end ‘rip-offs’
Britain’s markets watchdog should cap charges on drawdown of pension savings after “glacial” progress in stopping customers being ripped off, a senior lawmaker said on Thursday.
Britons have been able to cash in their pension pots since the country’s pensions market was opened up in 2015. But a review by the Financial Conduct Authority (FCA) published on Thursday found that people are not always getting the best deal and that there is a lack of transparency on charges.
“The FCA found that, while consumers have welcomed the freedoms, some are at risk of harm,” the regulator said, adding it was considering a cap on charges.
Read More: Reuters
