Britain to cap 'excessive' pension early-exit fees

Britain's finance ministry said on Tuesday it would introduce legislation to cap "excessive" exit fees charged to pension-holders who choose to withdraw their cash early, following pensions reform designed to allow easier access to the cash. "The independent FCA (Financial Conduct Authority) will be responsible for setting the level of the cap and will consult fully in due course," the Treasury said in a statement. The Treasury's decision follows a consultation last year.