Financial advisers should not be asked to help fund the government's retirement guidance service unless it is of demonstrable benefit to firms, the managing director of support firm SimplyBiz has said.
Matt Timmins (pictured) said he has yet to speak to a single adviser who has generated business from the service, called Pension Wise. Financial advisers currently contribute 12% of its annual running costs. He added that, in its current set-up, the service is likely to cause more confusion among consumers than provide the clarity it was established to provide. Pension Wise was introduced by the government to help consumers make informed retirement choices following the roll-out of 'pensions freedom' on 6 April. Reforms to pensions, first announced at Budget 2014 before their in...
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