The company’s existing executive directors, Warren East and Stephen Daintith, had pension remuneration of £236,000 and £150,000 respectively in 2019 and 2018.
The FCA had proposed a carve out from the ban for those in significant financial hardship, but in the current climate it would have been even harder to objectively assess whether an individual met that definition.
But it has to also stop investing in Shell and BP. Parliament declared a climate emergency nearly a year ago, and the Parliamentary Pension Fund needs to fall in line with this by ending the support for fossil fuels.
Currently, individuals who do not follow RMD rules face a penalty of 50% of the amount that should have been distributed, the lawmakers noted.
In July 2019 the FCA published its final proposals to reform DB transfer advice which included plans to ban ‘contingent' charging, to introduce a new form of ‘abridged' advice, and to crack down on high ongoing charges post transfer