Consultancy charging ban brings opportunities for advisers

Speaking at the launch of the Scottish Widows UK Pensions Report Strauss said he was concerned how the abolition would affect smaller employers.

"We are worried about the potential advice gap and we are working with the Federation of Small Businesses to see what can be done," he said. "However,

I think we will see accountancy firms and advisers moving into the area to offer simple low cost services to employers."

However, pensions minister Steve Webb said the presence of NEST and better quality products effectively negate the need for advice.

"If we have quality standards in place and we have providers like NEST who are obliged to take on employer schemes then what do you need advice for?" he said. "If we put a legal duty on employers then we need to ensure they don't have to pay for advice. There will of course be those employers who want to do more and if they want to pay for advice then that's fine but they shouldn't have to."

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