The Personal Finance Society (PFS) has written to the Money Advice Service (MAS) and The Pensions Advisory Service (TPAS) to suggest they change their names to better reflect the services they offer.
As both organisations have been tasked with delivering free and independent 'guidance' to retirees on their options from April, PFS chief executive Keith Richards said their use of the words 'advice' and 'advisory' may mislead the public to believe they are receiving a regulated service, which carries consumer safeguards. The public should be educated to understand the difference between 'advice' and 'guidance', he said, adding guidance offered by the Money Guidance Service and The Pension Guidance Service "would seem a logical and helpful change making it more intuitive for consumers". ...
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