FCA tells providers to nudge advised clients to Pension Wise

'Surprised and disappointed'

Julia Bahr
clock • 3 min read

The Financial Conduct Authority (FCA) has announced final rules requiring providers to implement the "stronger nudge" to Pension Wise guidance when customers access their retirement pot.

From 1 June 2022 pension providers will have to give customers - both advised and non-advised - a stronger nudge to Pension Wise when they decide to access their savings. Steven Cameron, pensions director at Aegon, said making the right decision on retirement options is hugely important and people do need support. "But," he added, "we're surprised and disappointed that the FCA's new rules still require the nudge even to those who have taken advice." He added that while well-intentioned, the stronger nudge effectively means pension providers will be telling individuals that they cannot...

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