FCA requires providers to book Pension Wise appointments in guidance push

‘Stronger nudge’

Jenna Brown
clock • 5 min read

Pension providers will be required to book Pension Wise appointments for customers under new plans published by the regulator as it attempts to increase retirement guidance take-up.

Providers currently have a duty to signpost clients to Pension Wise for guidance on their retirement plans but will now be required to book the appointment for customers under a "stronger nudge" policy outlined in a consultation paper on Tuesday (4 May). They will also be required to flag that consumers can take regulated financial advice at their own cost. Under the new requirements, providers will also have to confirm if people opted out of the process or attended the appointment and whether they accepted the guidance on offer. If they choose to go down the advice route providers wi...

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 Pensions

IHT pensions changes expected to drive 'strong interest' in annuities

IHT pensions changes expected to drive 'strong interest' in annuities

Though ‘ambiguity’ persists on annuities treatment, retirement planning expert says

Jen Frost
clock 04 November 2024 • 3 min read
Budget end to overseas pensions 'loophole' could cause 'chaos'

Budget end to overseas pensions 'loophole' could cause 'chaos'

OTC applies to more transfers under changes

Jen Frost
clock 31 October 2024 • 2 min read
Pensions tax-free cash untouched – but what about those who acted pre-Budget?

Pensions tax-free cash untouched – but what about those who acted pre-Budget?

No lump sum change should be ‘welcomed’ but damage cannot be undone

Isabel Baxter
clock 31 October 2024 • 5 min read