UK watchdog considers ban on some pension transfer charges
Britain’s markets watchdog is considering banning certain types of charges for pension transfers and is proposing that advisers gain investment qualifications, it said on Monday, following concern that policyholders are being given bad advice.
Following a change in rules three years ago, British pension holders can give up their pension pots at age 55 or above for a lump sum or another investment.
However, the Financial Conduct Authority has come under fire for slowness in preventing “vulture” advisers from persuading steelworkers to give up their “gold-plated” defined benefit, or final salary pension schemes, which give a fixed income for life, for risky investments with high fees.
Read More: Reuters
