The Pensions Income Choice Association (PICA) is today issuing a request for information in connection with the development of a directory of financial intermediaries. The purpose of the directory is to complement recent reforms in the way annuities are sold directly to people by pension companies.
The reforms come after a 3 year campaign by PICA that has resulted in the publication of a government endorsed, mandatory code of conduct from the Association of British Insurers developed in partnership with the DWP OMO Stakeholder working group.
About the directory
The directory will provide investors with a single site where they can select criteria to search a database and generate a list of retirement advisers, annuity brokers and manufacturers.
Tom McPhail, Chairman of PICA said; “The ABI's mandatory code of conduct will encourage investors to shop around at retirement. It is imperative that investors have a single site that they can go to that will give them quick and simple access to people who can help them find the right retirement income solution. This directory site is being developed in consultation with industry trade bodies, public service organisations such as the Money Advice Service and The Pensions Advisory Service, the DWP, the Treasury and other stakeholders.
We are particularly interested to hear from organisations that have experience at developing and or running consumer facing directory services, preferably within the financial services industry. We are also interested to hear from any financial advisers, annuity brokers or manufacturers with a consumer-facing capability who may have any interest or input to offer regarding the development of the directory.
The launch of this directory and the ABI mandatory code in March 2013 are significant steps forward in helping investors to make the most of their defined contribution retirement savings.”
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