The theory behind an allowance to encourage people to seek financial advice is all very well, says Tom Hegarty, but in practice it raises a number of concerns for advisers
Recommendation 14 of the Financial Advice Market Review, which was published by the Financial Conduct Authority (FCA) back in March, suggested the regulator would explore options to allow consumers to access a small part of their pension pot before the normal minimum pension age, to redeem against the cost of pre-retirement advice. Adviser charging rules currently already allow customers to pay for advice from their defined contribution pension funds, where the provider facilitates this from their product. Any adviser charge, however, must be specifically in relation to advice relating t...
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