View more on these topics

Advisers urge MPs to lay bare regulatory costs

UK-Parliament-Big-Ben-Lamp-700x450.jpg

Advisers want to see MPs shine a light on the performance of Pension Wise and the cost of regulation as part an inquiry into pension guidance and advice.

Last week, Money Marketing revealed the Work and Pensions committee is to probe the quality of the Pension Wise service and the availability and affordability of retirement advice.

In particular, it will hear evidence on the take-up, suitability, affordability and independence of all the advice, guidance and information services available to savers post-pension freedoms.

Aspect8 chartered financial planner Claire Walsh is not sure that consumers are aware the Pension Wise exists.

She says: “Between Citizens Advice, the Money Advice Service and others, there’s so many different points of contact it’s difficult for one to stand out.”

Informed Choice executive director Nick Bamford says: “If one of the concerns the MPs have is that consumers can’t get advice without paying more than £1,000, they need to understand the reason for that cost is regulation.”

Apfa director general Chris Hannant says the trade body will highlight the regulatory cost burden on advisers, and changes that could allow firms to offer more efficient services.

He adds: “Members need to keep feeding in what they are seeing on pension freedoms, as this will be important in shaping our message.”

Hargreaves Lansdown head of pensions research Tom McPhail says MPs also need to look at how the Government is monitoring Pension Wise.

He says: “The Government has not put in place measures to make sure it is closely tracking the impact of the reforms. If I were on that committee I would be asking pretty pointed questions about that.”

As part of the inquiry, MPs plan to call representatives from the Treasury, the FCA, The Pensions Advisory Service, the Association of British Insurers, Citizens Advice, and the FCA Consumer Panel.

The deadline for written evidence is 28 August, with oral evidence sessions expected in September.

Recommended

Cicutti-Nic-2014-MM-700.jpg
14

Nic Cicutti: Will Wheatley’s exit mean a toothless FCA?

First, a quick disclaimer: I have never met Martin Wheatley. Anything I know about the FCA’s boss comes either from speaking to those who have dealt with him, or is culled from the pages and websites of newspapers and other organisations that have covered his activities in recent years. In that sense, my knowledge of […]

Tech IPOs: The outlook in 2017

Ali Unwin, CTO & Fund Manager, Neptune 2016 was a weak year for technology IPOs – only 13 US venture-backed tech IPOs hit the market, in spite of fairly high public market valuations and investor appetite. Will 2017 be different, asks Neptune CTO & Fund manager Ali Unwin. Click here for article Important Information Investment risks Neptune […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 23rd July 2015 at 4:49 pm

    Ah, APFA’s on the case. No more worries then. They’ll get it sorted in no time.

Leave a comment