So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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IFAs report 76% PII premium hikes as consumers struggle to access DB transfer advice
‘Profound impact on market’
Keith Richards: The regulator is open to discussion and does acknowledge the issues on consumer access and the long-term viability of the advice market.
Consumer access to government-mandated financial advice on defined benefit (DB) transfers is being severely curtailed as rocketing professional indemnity insurance (PII) premiums continue to shrink the market, Keith Richards has said.
The Personal Finance Society (PFS) chief executive said access to pensions freedom was being stifled as the DB transfer advice market contracts and PII was having a profound impact . His comments come.
The Financial Conduct Authority (FCA) has started High Court proceedings against Paul Steel and Jacqueline Foster, directors of a failed advice firm, over alleged unsuitable defined benefit (DB) transfers.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
Find whitepapers