FCA backs Pension Wise move to 'personalised guidance'

Pension Wise is the government's free at-retirement guidance provider that was introduced in the wake of the pension freedom reforms to help consumers make informed decisions at point of retirement. The government's reforms introduced many savers who would have previously bought an annuity to new complex products such as income drawdown. Pension Wise is not allowed to give personal recommendations, which would be classed as financial advice and come under stricter rules. However MPs argued in a report out last October the service needed to be given more freedom to help consumers av...