People should be able to dip into their pension pots to pay for advice before retiring, the Financial Advice Market Review has recommended to the Financial Conduct Authority.
People should be able to dip into their pension pots to pay for advice before retiring, the Financial Advice Market Review has recommended to the Financial Conduct Authority.
There were 28 recommendations in all, with FAMR also ruling out introducing a 15-year long stop with financial complaints.
The review, launched in August 2015, was co-chaired by Treasury director general of financial services Charles Roxburgh and Financial Conduct Authority acting chief executive Tracey McDermott.
McDermott said: “The package of reforms we have laid out today will help increase both the accessibility and affordability of the advice and guidance to ensure that consumers get the help they really need when they really need it.”
Regarding the 15-year long-stop the review said few complaints relate to advice given that long ago and preventing consumers from complaining after that time inappropriately limits those with longer-term products.
The report also called for regulated advice to be redefined as a personal recommendation.
Roxburgh said: “At a time when more and more people are seeking financial advice and guidance, we have set out how we can deliver a vibrant financial advice market that works in the interest of all consumers.
“Our recommendations will increase the amount of affordable, high quality financial advice that is widely available so it’s easier for people to access it at every stage of their lives.”
