Trade association PIMFA, which represents 1,000 investment managers and financial advisers, has called on the FCA to “raise the bar” instead of banning contingent charging. 

MPs on the Works and Pensions Committee have voted to investigate contingent charging on pension transfers but some in the industry are sceptical about the benefits of such a move.

Wealth management and financial advice association PIMFA has hit out at the Government after it was reported the pensions dashboard idea could be in jeopardy.

PIMFA has defended contingent charging in a robust response to the FCA’s consultation on improving the quality of pension transfer advice.