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The MM Podcast: Advice review, annuity merger and exit fees

In the latest Money Marketing podcast, head of news Tom Selby and Hargreaves Lansdown head of pensions research Tom McPhail discuss the ramifications of the Government’s advice review.

The joint Treasury/FCA review, announced earlier this month, is expected to generate plans to better establish a broad-based financial advice market, create a clearer regulatory environment, and a set of principles to govern the operation of advice.

It will also consider the proportionality of rules, and the implications for the affordability and availability of financial advice, taking in the roles of the FCA, the Financial Ombudsman Service and the Financial Services Compensation Scheme.

Elsewhere, Just Retirement and Partnership – the two annuity providers hammered by Chancellor George Osborne’s radical pensions overhaul – have revealed plans to merge. Advisers have raised concerns the deal will reduce competitiveness in the enhanced annuity market and see savers getting worse rates as a result.

The Treasury also has its sights set on exit fees, with a consultation threatening to set a cap on “excessive” charges.

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