Be mindful of the pitfalls

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Who should take responsibility for the long-term management of pension portfolios post-A-Day? Ultimately, it is only the adviser who can know which of their clients are affected

Chris Cummings, head of AIFA, has recently reported (un-named) product providers to the FSA for their lack of preparation over A-Day. He reportedly said that providers were too quick to blame 'bad advice’ and forget the vital role that they had to play in preparing the nation for pension provision post-A-Day. This raises the issue of who does have the duty of care for consumers' pensions? Is it providers, regulators, advisers or consumers themselves? According to Cummings, some providers had blamed HM Revenue & Customs for not providing sufficient guidance. He believes it is vital that the...

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