Ban on consultancy charges for automatic enrolment pension schemes comes into force
On 14 September 2013, the Occupational and Personal Pension Schemes (Automatic Enrolment) (Amendment) Regulations 2013 came into force, with the effect, going forwards, of preventing members of defined-contribution automatic enrolment schemes being forced to pay consultancy charges.
With the implementation of the Retail Distribution Review with effect from 1 January 2013 (for new business written after that date), a prohibition was introduced on pension providers paying commissions to financial advisers for the advice and services provided by those advisers. So consultancy charging has emerged since then as being the way in which financial advisers are paid for their advice, either by invoicing the employer direct or, as has commonly been the case, by passing on those charges to pension schemes members through increased product charges or by deducting them from either the contributions to the pension scheme in respect of the member or the pension pot itself…
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