With all eyes on the UK’s withdrawal from the EU, advisers want to see that important issues affecting UK savers and investors are not being sidelined, new research shows.
Theresa May recently reiterated her motto that “no deal is better than a bad deal”, stating that the EU’s offer of a Canada-style free-trade agreement is not acceptable as it would not prevent a hard boarder between Ireland and Northern Ireland, breaking the UK up in the process.
With only six months to the withdrawal date, Brexit negotiations are far from over and progress on important issues at home is frozen as a result.
A survey of 100 advisers, carried out by Aegon, asked what the most pressing areas affecting their clients’ finances are that the government should be advancing.
Tackling pension scammers and providing clarity on how the social care will be funded between individuals and the state were among the most frequent answers.
Almost two thirds of surveyed advisers (62 per cent) would like to see progress on the pensions cold-calling ban.
Aegon pension director Steven Cameron says: “Advisers are clearly very concerned about the risks of individuals being scammed out of their pension savings by cold callers, and every month of delay risks more people losing their life savings to fraudsters.”
Funding social care was the second most pressing issue among surveyed advisers, with 59 per cent calling for a promised government paper on social care.
The Green Paper on social care is already delayed. Foreign secretary Jeremy Hunt announced in June the paper would not be published until autumn, as opposed to before the summer recess as he had originally promised.
Aegon notes this issue is urgent as the number of people who don’t get the care, is at a record high of 1.4 million – up almost 20 per cent over the past two years.
Cameron says: “With people on average living longer, more of us will need some form of care in later life and how to share the costs fairly between the government and the individual, is one of our greatest societal challenges.
“The sooner the government sets out its proposals, the sooner advisers can help their clients plan ahead.”