Consumers should pay for guidance guarantee - adviser

Carmen Reichman
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Consumers should pay a share of the cost of the guidance guarantee, or they will fail to value the service, an adviser has argued.

Chartered financial planner and partner at GEM Financial Services Gareth Rees, said he welcomed the Financial Conduct Authority's proposals to half the guidance levy for advisers but does not think the system will work if it is free at point of delivery. The guidance guarantee, which will be offered as a free, universal guidance service to all those about to retire, was drawn up by the government as part of its wide-ranging pension reforms announced in the March Budget. The FCA has proposed to charge advisers 12% of the cost of the guidance guarantee in a paper out on 27 November - a ...

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