Statutory watchdog Consumer Focus' report on pension advice was roundly condemned by advisers but was its criticism justified?
Is it advisable? An investigation into switching and advice in the individual personal pensions market upset just about everyone when it claimed IFAs are churning pensions for commission and provide little value. The report emphasises IFAs as the bad guys and refers to "churn" exclusively as an IFA problem. A survey conducted in October 2010 by market research specialists TNS was used in the report to compare the cost of ongoing commission or fees with the value of ongoing advice services. Consumer Focus said the data shows of those people surveyed with a personal pension, more tha...
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