Pension schemes' in-house advisers raise conflict of interest concerns

Multiple pensions industry insiders and advisers told Professional Adviser they are aware that a growing number of master trusts and DB schemes are offering in-house advice or have appointed restricted advice firms to advise their members. With these arrangements, the advisers are typically limited to recommending products that are available through the master trust or scheme's own platform or from a few selected partners. Pension scheme trustees have a duty to ensure they act in members' best interests, so advisers being motivated to keep members on their existing platform when there...