The government has been urged to prioritise simpler guidance, more widespread advice and better retirement products to help people save for retirement, with robo-advice singled out as a possible solution.
In their response to the Financial Conduct Authority's (FCA) Financial Advice Market Review, which closed on 21 December, the National Employment Savings Trust (NEST), the People's Pension, and the Pensions Management Institute (PMI) said a number of steps should be taken to close the advice gap. These included boosting the range of guidance available to people, simplifying advice and developing products for a broad range of consumers. NEST chief executive Helen Dean said: "There seems to be growing consensus that the advice gap at retirement can best be bridged by a combination of si...
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