Andrew Megson: No substitute for independent financial advice

Recent suggestions of a combined product, intending to "replace the need for advice at the point of retirement" laid out at a parliamentary hearing in February highlight the UK financial services industry's willingness to create convenient tools for people to manage their personal finances. However, such products will ultimately prove costly for clients. Indeed, the director of policy and advocacy at the Pension and Lifetime Savings Association recently told the Work and Pensions Committee (WPC) that a combined product for anyone reaching retirement age could replace needing to provid...