Work and pensions select committee chair Frank Field says it expects to publish further reports on adviser charging in light of the British Steel pensions saga.
In its report on British Steel published on 15 February, the committee called for a ban on contingent charging and Field tells Money Marketing more work will be done on adviser charging.
He says: “I am sure the committee will want to look at how the charges are limited. There will be a whole series of further reports and this will roll on and on.”
Field argues evidence from the investigation he led into British Steel shows the FCA and The Pensions Regulator must improve their performances.
He says the FCA “seems captured by the industry” when it is “supposed to be the spokesperson for the consumer”.
He adds the way some steelworkers were advised on pension transfers raises questions about how information is provided to clients and the unequal relationship between the adviser and the client.
He says some of the stories the committee has heard have been sobering.
Field says: “We will be publishing a letter with people’s names redacted who will regret their decision [regarding transferring out of the British Steel Pension Scheme].
He adds: “One example we have, and shadow pensions minister and MP Jack Dromey has talked about, is listening to the interview of a steelworker who was a team leader and was in tears about what happened to him.”
TPR declined to comment and FCA referred to the letter chief executive Andrew Bailey sent to Field on where he rejected the criticism of the watchdog.
Money Marketing will be taking an in-depth look at the DB transfer market at our upcoming conference, Money Marketing Interactive. Register now and see the full agenda at http://mmi.moneymarketing.co.uk/london/agenda/2018-agenda