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<\/p>\nThe boss of AJ Bell has launched a broadside against the City watchdog over \u2018anti-competitive and anti-consumer\u2019 new rules on pensions.<\/p>\n
Proposals by the Financial Conduct Authority (FCA) are designed to give savers more information if transferring their pensions from one scheme to another or consolidating several into one.<\/p>\n
But AJ Bell chief Michael Summersgill said the \u2018ill thought-out\u2019 plans would mean a \u2018lengthy delay\u2019 in transfers, getting in the way of consumers as they try to put their finances in order.<\/p>\n
\u2018These proposals are anti-consumer, anti-competitive and represent the worst kind of regulatory intervention,\u2019 he said.<\/p>\n
\u2018Without presenting any clear justification whatsoever, the FCA has set out plans to shut down consumer choice and put barriers in the way of people who do the right thing and engage with their retirement finances.<\/p>\n
\u2018This is all the more baffling given the regulator has spent years rightly focused on improving pension transfer times.\u2019<\/p>\n
<\/p>\n
AJ Bell has more than 670,000 customers<\/p>\n
The FCA\u2019s proposals, set out in December, are intended to address the risks that non-advised pension savers unknowingly give up valuable benefits such as guaranteed investment returns or protected pension ages if they switch.<\/p>\n
They might also risk transferring to new schemes that do not meet their needs, for example because they incur higher charges.<\/p>\n
Under the proposals, consumers seeking a transfer will be asked if they want to see a comparison between their current and new schemes.<\/p>\n
Their current provider will have ten days to provide the details and the new scheme must then delver the comparison to the saver within three days.<\/p>\n
But AJ Bell, which has more than 670,000 customers, argues that \u2018very few pensions include the benefits and guarantees that the FCA are worried consumers will lose\u2019.<\/p>\n
Summersgill said: \u2018This is a classic case of a solution looking for a problem that simply does not exist.\u2019<\/p>\n
The firm also noted that workplace pension providers would not be covered by the requirements meaning they could choose to ignore a request for information altogether if a saver into their schemes tried to transfer out to another.<\/p>\n
\u2018Ironically, this is where some of the worst offenders when it comes to slow pension transfer times reside,\u2019 said Summersgill.<\/p>\n
An FCA spokesperson said: \u2018We know consumers need clearer and more consistent information when they are making significant decisions about what to do with their pensions.<\/p>\n
\u2018The changes we have proposed are a way to achieve this, but we remain open to alternative proposals that will help us deliver our ambition.\u2019<\/p>\n
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