Pensions - Articles - FAMR - streamlined advice should be impartial


Commenting on the FAMR Report issued this morning, Isobel Langton, CEO of Royal London intermediary said: “Royal London welcomes the FAMR report and the call for further consultation particularly on the concept of “streamlined advice”. However it is vital for the success of the sweeping changes proposed under FAMR that the sources of “streamlined” advice are impartial and distinct from product providers. Delivered at key decision points in an individual’s life this could be very beneficial for those unable or unwilling to access advice under the current regime.

 “Royal London totally supports the need for affordable financial advice throughout the lifetime of consumers. It is vital that the industry works to improve consumer trust and so advice should be not only affordable and accessible, but also totally impartial with the consumer needs at the forefront of every recommendation.
  
 “The call to redefine advice and guidance services is particularly welcome. Royal London has consistently called for a definition of regulated advice which is based on the provision of a personal recommendation. We believe this should be a simple and clear concept that consumers will be able to understand.”
  
 “As a leading pensions provider, Royal London is also particularly interested in:
     
  1.   The suggestions that pension funds might be used to fund advice. Improving incentives for employers to help is likely to be effective for employees and we are willing to work with government and the regulators to help bring this about.
    2.  
  2.   We also welcome the fact that FAMR recognises the urgent need for a “pensions dashboard” to enable savers, and their advisers, to see their entire pensions savings in one place. But rather than challenging “the industry” to deliver a pensions dashboard, Government and regulators should be collaborating with providers to deliver a viable dashboard.”

Back to Index


Similar News to this Story

4 ways completing a tax return can help boost your pension
Missing the Self-Assessment deadline not only risks a penalty for late filing but could cost individuals hundreds, if not thousands of pounds in uncla
DWP holds AE thresholds with GBP90bn of pensions expected
The DWP has issued its review of the Automatic Enrolment Earnings Trigger and Qualifying Earnings Band for 2025/26, retaining all three thresholds at
Response to Triple Lock means testing comments
Aegon has called for ‘a future focused debate on a sustainable state pension’ following comments on the Triple Lock by Conservative leader Kemi Badeno

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.