https://www.gov.uk/government/news/new-financial-guidance-body-unveiled
Tom Selby, senior analyst at AJ Bell, comments:
“Financial guidance, particularly in relation to pensions, has become increasingly disjointed, with three major levy-funded organisations operating in the pensions space. The Government has now recognised this approach is inefficient and potentially confusing for savers.
“Moving to a single guidance body should reduce the costs paid by the industry – and ultimately by consumers who buy products and services – and create a simpler system. Information and guidance, in partnership with regulated financial advice, have a vital role to play in boosting engagement around pensions and finance in general. Creating effective signposting to regulated financial advice will be crucial in ensuring people get the financial help they need.
“The Government is right to give information about pension scams prominence in setting out the guidance body’s remit. Interventions announced in the Autumn Statement – including plans to ban cold calling - are a start in tackling pensions fraud, but it’s absolutely critical savers are warned of the dangers posed by scammers intent on stealing their savings.”