Claire Trott can foresee a future mis-selling scenario linked to pensions freedom. Here, she explains why providers are pushing advice requirements too far...
I feel that most people would benefit from taking advice at retirement, but I don't think you can force people to pay for advice if they don't want to. It should always be remembered that it is their money after all and they do have a right to access it in a way that best suits them within the schemes capabilities. Refusing access or restricting their choice of retirement benefits without advice could be seen as providers creating a new default option for the client. Recently I saw that one provider had said that without advice the client could take their whole fund as cash, buy an...
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