FCA: Industry must overcome pension freedom 'advice apprehension'

The regulator agreed the freedom and choice reforms, which came into operation in April last year, had increased adviser apprehension when dealing with certain types of pension transaction or insistent clients. The FCA said it had heard from several respondents who flagged concerns about professional indemnity insurance and the Financial Ombudsman Service in relation to dealing with insistent clients. However, it added this perceived reluctance created a risk that "consumers will lose confidence in the ability of the industry to deliver on the promises of pension freedom". It said ...