Pension freedom inquiry reveals public distrust of financial advisers

‘Nothing short of highway robbery’

Hannah Godfrey
clock • 4 min read

Responses to the House of Commons Work and Pensions Select Committee inquiry into pension freedom have highlighted the public relations battle financial advice still faces within some sectors of the general public.

The responses in question were all submitted anonymously by individuals who have either had direct experience with an adviser or refuse to do so. Several responses highlighted the expense of transferring out of a defined benefit (DB) pension into a more flexible product. One anonymous respondent trying to transfer a DB pension said they had even met one adviser who said he was "in it to make money, frankly". Technology and Technical managing director Kim North said advising on DB transfers was risky business for advisers. "The cost of professional indemnity is high to offer DB advi...

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 Your profession

PA360: Clients' lack of understanding of advice value is 'concerning'

PA360: Clients' lack of understanding of advice value is 'concerning'

‘Anyone running a business needs to offer value to their clients’

Sahar Nazir
clock 25 April 2024 • 1 min read
PA360: Advice firms 'brush over' data integrity fundamentals

PA360: Advice firms 'brush over' data integrity fundamentals

‘Your business and your people are under attack constantly’

Isabel Baxter
clock 25 April 2024 • 1 min read
PA360: The need for a financial plan 'has never been higher'

PA360: The need for a financial plan 'has never been higher'

‘It needs to be done in a different and innovative way’

Isabel Baxter
clock 25 April 2024 • 2 min read