FCA backs Pension Wise move to 'personalised guidance'

Carmen Reichman
clock • 2 min read

The Financial Conduct Authority (FCA) has said it will support a move of Pension Wise towards providing a more personalised service for its clients.

Pension Wise is the government's free at-retirement guidance provider that was introduced in the wake of the pension freedom reforms to help consumers make informed decisions at point of retirement. The government's reforms introduced many savers who would have previously bought an annuity to new complex products such as income drawdown. Pension Wise is not allowed to give personal recommendations, which would be classed as financial advice and come under stricter rules. However MPs argued in a report out last October the service needed to be given more freedom to help consumers av...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Donre Advisory-owned SIPP operator enters administration

Donre Advisory-owned SIPP operator enters administration

PSG SIPP administered schemes transferred or to be acquired

Jen Frost
clock 29 October 2024 • 2 min read
FCA rulebook review input call could be 'a little premature'

FCA rulebook review input call could be 'a little premature'

Deadline for post-Consumer Duty rule change feedback is 31 October

Jen Frost
clock 29 October 2024 • 2 min read
Most fixed firms agree FCA regulation enhances UK's reputation

Most fixed firms agree FCA regulation enhances UK's reputation

More than half agree regulation is aligned with rules imposed by other regulators

Isabel Baxter
clock 23 October 2024 • 1 min read