AJ Bell
FCA platform switching proposals fall flat with industry
In specie transfers, exit fees and share class conversion among the issues
Many UK retirees lose out on tax and investment incentives
Because they are accessing the pension freedoms without advice
Long saving breaks can impact ‘quality of life in retirement’
Young adults are balancing financial challenges but need to make sure they contribute to pension
Costs and admin issues stop advisers doing platform transfers
Over half of IFAs would not recommend it to a client as they seek more guidance from regulator
Industry divided after pension freedoms hit £25bn
But data is not a complete picture and ‘represents only a fraction of the overall cash being accessed’
