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Pica requests info on shopping around advice directory

The Pensions Income Choice Association has issued a request for information as it looks to develop a directory of financial intermediaries to support customers who shop around at retirement.

The directory will provide investors with a single website where they can search for retirement advisers, annuity brokers and manufacturers.

It is designed to complement plans by the Association of British Insurers to introduce a mandatory shopping around code of conduct for its members.

Pica chairman Tom McPhail (pictured) says: “It is imperative that investors have a single site that they can go to that will give them quick and simple access to people who can help them find the right retirement income solution.

“This directory site is being developed in consultation with industry trade bodies, public service organisations such as the Money Advice Service and The Pensions Advisory Service, the DWP, the Treasury and other stakeholders.

“We are particularly interested to hear from organisations that have experience at developing and or running consumer facing directory services, preferably within the financial services industry.

“We are also interested to hear from any financial advisers, annuity brokers or manufacturers with a consumer-facing capability who may have any interest or input to offer regarding the development of the directory.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. What is the MAS meant to be for?

    Yet another web site that does not have The relevant authorisation to carry out business itself but seeks to rip-off advisers.

    It is yet another money supermarket or money-saving expert website which seeks to profiteer from hard-working IFA’s without paying any dues to the regulator.

  2. Fear not Mr /Ms anonymous. The intention of the directory is to connect consumers looking for a financial intermediary to help them with a retirement income purchase. Increased demand from consumers will be created next year when the ABI’s mandatory code on retirement choices goes live – this will encourage those customers who would traditionally purchase from their existing pension company to shop around for a better deal. So this code should genuinely create more demand for intermediary support and the directory will help them locate an adviser that meets certain criteria eg an adviser within an X mile radius from where I live. The directory is just that – a way to connect consumer and intermediary. Not a place where people can get quotes or purchase directly.

  3. Umm – isn’t that precisely what unbiased.co.uk does?

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