Legal and General (L&G) has called on the government to develop a regulated market for personalised financial guidance to address the advice gap and and allow firms to deliver better financial outcomes for consumers.
In light of the appointment of Chloe Smith to secretary of state for work and pensions, and a new pensions minister due to be announced shortly, Colin Clarke, head of product policy strategy, workplace savings at L&G, has outlined how the government can improve the state of retirement saving in the UK and ensure a balance is found between short term decisions that impact long-term financial wellbeing. He said due to the regulatory restrictions currently in place, pension providers could not prompt, nudge or alert customers to options that might offer better retirement solutions for them....
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