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SimplyBiz Group plc

SimplyBiz boss Timmins: contingent charging ban is a ‘mistake’

The Financial Conduct Authority’s (FCA) proposed ban on contingency charging for DB transfers will end up hurting those who need advice the most, says SimplyBiz joint chief executive Matt Timmins.

Speaking to New Model Adviser®, Matt Timmins said that he did not envy the regulator as it consults on the ban and that the end of contingent charging would result in a ‘massive’ pensions advice gap similar to that caused by the thinning of adviser numbers after the retail distribution review (RDR).

SimplyBiz Group PLC (LON:SBIZ) provides compliance support and business consultancy services to financial services, legal and workplace benefits professionals in the United Kingdom. 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.