Firms' Pensions Wise signposting oversight 'inadequate', FCA finds

Although review finds most firms are communicating adequately

Nicola Brittain
clock • 2 min read

The way financial services firms oversee their signposting to guidance from Pension Wise is ‘inadequate', according to the findings of a review from the Financial Conduct Authority (FCA).

The signposting to pensions guidance review found that this inadequate oversight included the failure to use management information or case or call sampling to adequately assess compliance with its Conduct of Business rules. These rules, which were implemented in April 2015, set out a framework detailing how firms should inform customers about the availability of pensions' guidance service Pension Wise.  Pension Wise is a free service set up by the government that helps provide people on low to middle income with information around their retirement income options.  During its revie...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read