The Society of Later Life Advisers is to introduce a new retirement advice standard available to all regulated advisers.
Launching first for full Solla members, the standard will be rolled out to all advisers later this year.
To apply for the standard advisers will need to be qualified, continuing in their professional development and working in the pensions market.
All members will also be required to sign up to a code of conduct, although details of what this will include have not yet been disclosed.
The standards are initially being supported by retirement income provider Partnership.
Solla co-chair Jane Finnerty says: “The changes to the retirement market are profound, and we intend that the word Solla will resonate with both consumers requiring either holistic advice in the later life market, or those who wish to concentrate purely on retirement planning.”
Partnership managing director Andrew Megson adds: “The deployment of Solla standards in specific later life advice areas is an exciting development, and it will further help consumer confidence when seeking expert advice and guidance.”