FCA wants providers to do more than just signpost Pension Wise guidance
Requiring pension providers to give consumers a stronger push towards guidance is a “plan set up to fail”, according to Stephen Lowe, group communications director at retirement specialist Just Group.
His comment follows an FCA proposal to make firms “nudge” consumers towards Pension Wise, a free and impartial government service that helps people understand the options for their pension pots.
What are the changes?
Currently, pension providers are required to signpost consumers to the service and encourage them to seek appropriate guidance or advice.
But take up remains low.