National advisory groups have endorsed proposals put forward by the Personal Finance Society (PFS) for a tiered approach to delivering George Osborne's retirement 'guidance guarantee', but are unsure about the viability of one of its tiers - a regulated 'focused' advice model which would come with a flat fee.
The PFS has suggested participating advisers could offer a simplified advice route for retirees for whom Osborne's proposed 'guidance' may not be enough, and a full financial review too much. To give prospective clients confidence in the process, it is proposing a flat fee for the service. That option forms part of a larger, tiered solution ranging from an information stage, which might involve bodies such as the Money Advice Service, to full advice. It follows the surprise announcements made in last month's Budget which, as well as widening retirees' access to their savings, also ...
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