Introduction of stronger pension nudges 'wholly unnecessary' for advised clients

FCA's rules come into effect

clock • 5 min read
Scott Gallacher, Chartered financial planner at Rowley Turton, said: "The rules could lead to unacceptable delays in people accessing their money."
Image:

Scott Gallacher, Chartered financial planner at Rowley Turton, said: "The rules could lead to unacceptable delays in people accessing their money."

From Wednesday 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.

In December 2021, the FCA announced final rules requiring providers to implement the "stronger nudge" to Pension Wise guidance when customers access their retirement pot. The regulator's rules a...

To continue reading this article...

Join Professional Adviser

 

  • 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 Pensions

Nicola Parish: “Our new scams combat plan sets out to make savers aware of the risk of scams"

Cost of living exposing savers to more scams, TPR warns

TPR scams strategy

Hope William-Smith
clock 03 August 2022 • 2 min read
Jessica List: "I wonder if a full overhaul isn't the best solution to fixing the challenges with the current tax relief system."

Jessica List: Is tax relief reform consensus actually possible?

We have a problem...

Jessica List
clock 01 August 2022 • 4 min read
'Farewell' to technical provisions, says expert

'Farewell' to technical provisions, says expert

'Greater protection for members'

Holly Roach
clock 29 July 2022 • 1 min read