Financial advisory businesses will be invited to play central roles in providing information, guidance and advice to retirees following the far-reaching changes announced at Budget 2014, under plans being devised by the Personal Finance Society (PFS).
The organisation, headed by chief executive Keith Richards (pictured), is suggesting to the government and regulators a four-pronged approach to serving the nation's retirement needs. There would be an information stage, a guidance stage, a ‘focused advice' stage and, for those who need it, the option of a full financial review. Advisory businesses, it suggests, would be involved at all stages, with the PFS both accrediting participant firms and setting standards and fee structures. It follows the surprise announcements made in last month's Budget which, as well as widening retiree...
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