Which? executive director Richard Lloyd says the Treasury needs to “pull its finger out” and publish details of how the guidance guarantee will work.
Speaking at a fringe event at the Liberal Democrat conference in Glasgow today, Lloyd said the Treasury was leaving it late as the system will be launching within months.
All over 55s will have the right to “free, impartial, face-to-face” guidance from next April as part of Chancellor George Osborne’s radical pension reforms.
Lloyd, who advised ex-Prime Minister Gordon Brown from 2007 to 2010, said: “The Treasury needs to pull its finger out and work out who is going to provide guidance and how, and put standards in place.
“It’s getting a bit late in the day for the details to be published and all the agencies involved need to be ready. It’s becoming a bit of a problem to say the least and the Treasury needs to speed up its decision making on how the guidance guarantee will be delivered.”
The Money Advice Service and The Pensions Advisory Service have been given responsibility for delivering guidance.
The FCA consultation on the framework of the guidance regime closed last week and the Treasury says the details will be published “shortly”.
At the Labour conference, shadow pensions minister Gregg McClymont called for more details to be published soon.