Stephen Hunt goes through the pros and cons of making the open market option compulsory
One of the main objections put forward for making the open market option (OMO) the default, is that there are insufficient resources to advise another third of a million people each year. This is especially true, as the average fund size is only £25,000. However, is having insufficient resource to do something any justification for not doing it correctly? The facts of the matter are that this should not be a problem as there are enough large specialist retirement income brokers to absorb this increase. Another consideration must be whether people are getting the best advice. The whole are...
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