Advisers not winning clients via Pension Wise, says APFA

Firms listed in the Financial Conduct Authority's (FCA's) A13 fee block, which houses most advisers, should pay for 5% of Pension Wise's estimated £35m annual running costs, rather than the 12% they contribute currently, the trade body said. The regulator originally suggested A13 firms contribute 30% towards the bill - with life insurers putting in just 17% - before reducing it. It conceded advice firms would only benefit if consumers sought regulated advice having taken up the free guidance, whereas product providers would more obviously benefit through re-distributed investment monies....