Altmann: FCA 'completely messed up' advice for consumers

Carmen Reichman

Consumers are at risk of buying retirement products they later regret because of confusing regulatory rules around commission, pensions expert Ros Altmann has said.

Consumers are put off seeking advice at retirement because of the explicit advice fees, said the government's older workers champion, choosing instead to buy products without advice. But they do so unaware commission is contained in the products sold directly, which can push the price up, Altmann (pictured) said. She suggested the regulator "missed an opportunity" in dealing with commission, and could have created a system whereby it would pay for the "basic advice people need". The Financial Conduct Authority's (FCA) Retail Distribution Review (RDR) banned advisers from charging f...

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