Building society Nationwide has stopped offering pension advice and withdrawn its stakeholder product because it cannot facilitate adviser charging.
A spokesman for the lender said any customer requiring financial advice on pensions would be assessed and referred to website Unbiased if they needed further assistance. It confirmed the L&G (UTM) Stakeholder Pension, available through branch advisers, has been withdrawn as it cannot be made Retail Distribution Review (RDR) compliant. Nationwide said: "The pensions market remains in a period of change and we need a competitive, compelling, RDR compliant pension that could facilitate adviser charges, that has sufficient flexibility to meet the changing market, and customer needs. "A...
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