The Financial Conduct Authority (FCA) must fully consider whether its ‘stronger nudge’ legislation proposals are too skewed toward promoting Pension Wise over other forms of support, Aegon says.
The FCA's proposals as outlined in a May consultation - based on a requirement in the Pension Schemes Act 2021 - aimed to make sure defined contribution savers have either received or opted out of receiving Pension Wise guidance when applying to access their pension savings. Sections 18 and 19 of the Financial Guidance and Claims Act 2018 - referred to as the ‘stronger nudge' legislation - saw a commitment to test a ‘nudge' into pensions guidance outlined after industry debate around the low take-up of free guidance and how it should be promoted. Aegon pensions director Steven Cameron...
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