Advisers are being urged to manage the pension enquiries they get from directories after some reported receiving so many they could not cope.
Sense compliance director John Netting says several of the network’s members have removed themselves from the Unbiased.co.uk adviser directory after being “inundated” with requests for advice on accessing pension freedoms. He says: “There are a lot of consumers looking for advice on defined benefit transfers and struggling to find advisers to do it.”
The Money Advice Service says it has also had firms asking to be removed from its retirement adviser directory.
But Unbiased.co.uk chief executive Karen Barrett says firms are asking to tweak, rather than cancel their profile.
She says: “Advisers are not cancelling their profile, but getting too many enquiries from the wrong type of client is an issue and we have seen firms raising the wealth level they will deal with.
“Firms need to think about how they manage the flow of new business following the pension reforms. If they are getting more enquiries they need to look at who is answering the phone and what the process is.”
A MAS spokeswoman says its helpdesk has handled 1,500 enquiries from firms since its directory went live in April, mainly from those
requesting changes to their profile. The directory has so far been accessed by 17,000 consumers.
She says: “Less than 10 firms have asked to be removed from our directory since launch. Not being able to cope with the increase in customers has been the main reason cited.”