The Money Advice Service has backed the continued growth of its Retirement Adviser Directory in its latest business plan.
The guidance provider has pledged to increase its level of signposting to the adviser directory, which it describes as a “key service” that it will “keep up to date”.
The business plan reads: “Guiding people towards regulated advice can, at times, be the most appropriate next step. Our approach to this will continue and grow.”
MAS says it will also work to ensure customers are signposted to other financial services firms or guidance providers where appropriate.
Launched in 2015 to coincide with the pension freedoms, MAS’ directory now has around 6,500 registered advisers list from around 3,500 firms. The directory allows potential clients to search lists of local advisers and includes details on minimum pot sizes and the cost of initial meetings.
The MAS website notes that “all advisers can choose from a wide range of providers”.
Ahead of its planned merger with The Pensions Advisory Service and Pension Wise, the overall MAS budget is increasing from £75m to £83.5m this year. One off costs of £500,000 are being incurred for the transition into a single public financial guidance body.