“It’s essential that people facing retirement get personalised, impartial support to navigate some of the most radical changes to the pensions market in decades, so it is absolutely right to separate this from sales processes. This decision will help avoid potential conflicts of interest when guidance is given, and will mean consumers are more likely to trust the information they get and make the right decisions.
Which? executive director, Richard Lloyd, said:
“It’s now for the regulator to establish the highest possible standards for both the pensions industry and those who will provide the guidance, so that people get better value for money out of their hard-earned pensions savings.”