Crossbench peer Baroness Sally Greengross is calling on the Government to set up a working group to tackle a post-RDR advice gap, ahead of a House of Lords debate tomorrow.
Speaking ahead of her one hour debate on small pensions pot and advice, Pensions Policy Institute president Greengross says she is concerned the RDR could hit some investors who will be left without an adviser.
She says: “I will be asking the Government for a forum with the industry, regulator, Department of Work and Pensions and Treasury to meet to think how best we can improve customer outcomes. It isn’t a very difficult thing for the Government to do.”
Greengross says she called for the debate due to concerns that those on lower incomes will be priced out of the advice market.
She says: “We have had a lot of interest because there is a worry people won’t get the advice they need, and this having a bad affect on their income.
“By narrowing the advice gap we want to halt the erosion of a savings culture and it could be helped greatly by proportionate regulation.
“We should look how we can mitigate these problems. No-one is sure what is information and what is advice so it needs to clearly distinguished.”
She also called on the industry and providers to produce an annuity league table to create greater clarity for those coming to retirement.