Saga welcomes the FCA quizzing pension providers

Friday 3 July 2015

The new pension freedoms introduced in April now means that the over 55s are able to cash in their pension. However, lots of people wanting to do this are having to jump through hoops to release their savings or being charged large fees to move to providers offering more flexible schemes.

Saga welcomes the FCA quizzing pension providers

This week, the FCA announced that it is giving pension providers until 7 August to disclose the fees they are charging people, as well as to come clean about any barriers they are putting in peoples’ way or they will face a fine.

Commenting on the FCA’s announcement, Paul Green, director of communications at Saga, said:

“Firms should not be taking advantage of the new rights – people should be able to access their own savings whenever they want.

"It is good that the regulator is starting to act and ensure fairness for both individuals and pension providers. Exercising your rights should not be a source of profit for providers but an opportunity to help and just recover their costs.  However, there is also a clear need for straightforward guidance and advice on the options people have, but trusting people is the right place to start.”

ENDS

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