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...
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