Member Article

Guidance only ‘advice’ needs safeguards

The Government should introduce a 30 day cooling off period for those seeking access to all of their pension funds, unless they have been advised by a regulated independent adviser, said Kay Ingram, director of individual savings and investments at LEBC Group, speaking at today’s ‘The Henry Stewart New World of Retirement Options conference’.

Ingram said: “Taking guidance-only could lead to irrevocable decisions being made about a lifetime of retirement savings with no redress or compensation as guidance is not regulated, nor indemnified and is being delivered by unqualified and inexperienced staff. A safeguard needs to be put in place to protect the public from making the wrong decisions when accessing pensions without consumer redress.”

The Conference looked at the new world of retirement options, what advisers should be doing and advising on including self investment personal pensions and small self administered schemes.

This was posted in Bdaily's Members' News section by LEBC Group Ltd .