The Pension Income Choice Association's (PICA's) adviser directory for retirement clients will list IFAs, restricted advice firms and bank advisers, it has confirmed.
Development of the directory, which forms part of the industry-wide push to improve shopping around at retirement, has been underway since PICA called on intermediaries to help with its construction last year.
PICA chairman Tom McPhail confirmed the database, which will be launched in the next few months, will include IFAs as well as tied or restricted advisers and providers offering annuity panels, such as Nationwide or the National Employment Savings Trust. McPhail said the sole criteria for being listed on the directory will be Financial Services Authority registered status.
He said the service will be aimed at retirees with £10,000 to £50,000 pots and that a directory which only includes IFAs would not have the capacity or low enough prices to cope with this market.
McPhail said PICA is approaching the top thirty IFA firms for membership of the directory first, but that it will also aim to bring in specialist firms that advise on drawdown and investing tax free lump sums.
PICA has yet to decide on the business model the directory will use but confirmed there would be no "kickback" to the directory from the leads advisory firms get from it, and that it would be free for consumers to access.
PICA is a trade body which lists Bluefin, Just Retirement, LV=, MGM Advantage, Hargreaves Lansdown and Partnership.
The ABI officially launched its own code of conduct on retirement choices this morning. PICA said it was a positive start but needed to go further to better aid consumers.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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Alongside Barrett, Hopkins, Boston and Thorman on 17 October