We are the voice of insurance and long-term savings | Contact us

ABI welcomes latest Work and Pensions Committee report

The Work and Pensions Committee have published their fifth report “Protecting pension savers—five years on from the Pension Freedoms: Accessing pension savings". 

Yvonne Braun, Director of long-term savings policy at the Association of British Insurers said:

YvonneBraun500x500new.JPG“Decisions about accessing a pension are some of the most complex financial decisions people make in their lifetime, and many savers will be unsure of the best course of action. The recommendation for the FCA to provide examples to enable the industry to offer more customer support in terms of enhanced guidance and limited advice is welcome. The Government and FCA can also go further by making changes to regulations about advice and guidance. This would finally enable the majority and not the minority to get access to advice and guidance.”

The ABI wants HM Treasury to amend the Regulated Activity Order to define what does and does not entail financial advice, or to create a new regulated activity enabling more personalised guidance along with a change in the FCA rule book on the advice/guidance boundary.

Yvonne Braun gave oral evidence to the committee last year. 

For more information contact the press office

 

 


Last updated 18/01/2022