In January the Personal Finance Society welcomed the opportunity to provide evidence to the Work and Pensions Select Committee as part of its enquiry into Pension Transfer Advice.
Key points from its submission included:
- Cautioning against a ban on contingent charging, due to:
- The potential for an unintended consequence that limits consumer choice and access to advice
- The potential for increased costs through the possible impact of VAT
- The fact that a ban would not in itself deter the minority set on doing the wrong thing
- Raising awareness that firms themselves are facing increased pressure from insistent clients who are looking for transfer facilitation rather than advice
- The PFS’s establishment of a pan-industry Pensions Advice taskforce to deliver practical interventions, which includes:
- The establishment and impending launch of a voluntary Pension Transfer Gold standard
- Consumer guides that will be issued by the main guidance bodies
Read the full submission
Members will be sent details of how they can sign-up to the voluntary Pension Transfer Gold Standard shortly.