Member Article

LEBC Chief Executive calls for additional support

LEBC Group’s chief executive officer, Jack McVitie has written to various professional and consumer associations calling on their support for the future Government to 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.

Mr McVitie has already written an ‘Open Letter’ to George Osborne, Ed Balls and Martin Wheatley, the Financial Conduct Authority’s chief executive seeking the cooling off period.

McVitie said, “Now that we are in this new pensions environment and have begun to experience its full effects, we are redoubling our call for a cooling off period for those not protected by regulated independent advice.

“To be clear, during the cooling off period we would expect the information outlined to be provided to the consumer and during that period no action would be taken to implement instructions.

“We don’t want to get in the way of the pension freedoms, but this is important because people who haven’t taken regulated advice should be reminded of potential tax outcomes and longevity risk before they make a final decision. After all, it’s the rest of their lives that’s at stake.”

This latest call for support has been sent to The Pensions Regulator, National Association of Pension Funds, Age UK, SAGA, Consumers Association, Citizens Advice, Confederation of Business Industry, Trades Union Congress, The Personal Finance Society, and Association of Professional Financial Advisers.

LEBC Group has always argued that anything other than regulated independent advice is substandard particularly with impact of taxation of withdrawals and long term sustainability of income.

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