Pension freedom inquiry reveals public distrust of financial advisers

‘Nothing short of highway robbery’

Hannah Godfrey
clock • 4 min read

Responses to the House of Commons Work and Pensions Select Committee inquiry into pension freedom have highlighted the public relations battle financial advice still faces within some sectors of the general public.

The responses in question were all submitted anonymously by individuals who have either had direct experience with an adviser or refuse to do so. Several responses highlighted the expense of transferring out of a defined benefit (DB) pension into a more flexible product. One anonymous respondent trying to transfer a DB pension said they had even met one adviser who said he was "in it to make money, frankly". Technology and Technical managing director Kim North said advising on DB transfers was risky business for advisers. "The cost of professional indemnity is high to offer DB advi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA deputy CEO: Regulator cannot scale financial inclusion initiatives alone

FCA deputy CEO: Regulator cannot scale financial inclusion initiatives alone

FCA deputy CEO Sarah Pritchard speaks to Treasury Committee

Sophia Panayi
clock 09 June 2026 • 3 min read
Cohabitation consultation to provide 'improvement not parity'

Cohabitation consultation to provide 'improvement not parity'

Clear framework could help advisers

Sophia Panayi
clock 08 June 2026 • 5 min read
Feel Good Friday: Royal London opens applications for £10,000 women and girls' rugby grant

Feel Good Friday: Royal London opens applications for £10,000 women and girls' rugby grant

Third year of annual Championing Women and Girls’ Grassroots Rugby Award

Professional Adviser
clock 05 June 2026 • 1 min read