People approaching retirement should be given early access to a small part of their pension pot to pay for regulated financial advice, the Financial Advice Market Review (FAMR) has recommended.
The report, out this morning, has called on the government to allow consumers access to their pensions to redeemed against the cost of taking regulated financial advice. FAMR wants the Treasury to allow direct contribution savers to withdraw about £500 towards the cost of advice five or ten years before they are due to retire. It said this would "ensure that consumers can access financial advice at a key milestone in their lives and feel confident in making financial decisions as they approach retirement". FAMR - a joint HM Treasury and Financial Conduct Authority review of the ad...
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