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

Verso rejects platform incentives model, says adoption must be earned

Verso rejects platform incentives model, says adoption must be earned

Nucleus-built platform rolled out across advice group with no mandated use as consolidator targets £5bn AUM

Sahar Nazir
clock 27 June 2025 • 2 min read
Number of highly vulnerable clients slides

Number of highly vulnerable clients slides

Dynamic Planner research finds

Jen Frost
clock 27 June 2025 • 2 min read
Anthony Carty: Why the nuance of private equity in advice matters

Anthony Carty: Why the nuance of private equity in advice matters

When done right, PE can help deliver sustainable growth for the whole market

Anthony Carty
clock 27 June 2025 • 4 min read