I am not convinced clients with £50 per month ever got ‘’good independent financial advice’’, but at least they got some.
My concerns are much deeper and I worry for:
- All the clients that need to protect themselves and their families through great protection arrangements, as this was always sold and never bought and now there is no one selling.
- All the clients with small pension pots that don’t have the confidence to self select, cannot get advice and end up buying an annuity with poor income, shape and without any enhancements.
- All the clients who have bought products through businesses such as banks who have withdrawn from this sector and left them without someone to review their existing planning.
- All the group pension scheme members that used to get great workplace advice on contribution levels, investment approach and consolidation, who can no longer access advice because GPPs commission removal got swept along with the tide at the last minute.
The list goes on and on. Let us hope that Mark Garnier engages with the industry in his review. I am happy to help.