The new financial guidance body should be required to report on the consumer outcomes that stem from its guidance, as well as the number of people it refers to regulated financial advice at retirement, LV= has argued.
In response to the government's consultation on the consolidation of the Money Advice Service (MAS), The Pensions Advisory Service (TPAS) and Pension Wise, the insurer said these measures should ensure consumers are being supported to make the right decisions. According to LV=, major changes in the pensions market in recent years have made it more important that people have access to guidance and advice. It warned that people making critical decisions without support could lead to a ‘misbuying' crisis - but argued that reporting on consumer outcomes should help to avoid this. Research...
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