Karen Barrett, Chief Executive of unbiased.co.uk, comments on today’s FCA Guidance Guarantee Policy Statement

“Today’s Guidance Guarantee policy statement from the FCA is a step in the right direction in that it calls for all guidance providers to ensure, and to regularly check, that the signposting to further information they’re providing is of good quality.  However, far more needs to be done to make sure that the post guidance consumer journey is much more defined and that this includes a clear path to regulated, whole of market advice. As it stands there is no requirement for guidance providers to include advice as one of the options for consumers’ next steps. There is no doubt that whole of market advice delivers the best outcome for people who are looking at their retirement income options and as such we believe clear signposting to advice should be an outcome of any and all guidance sessions.

“Our research from earlier this year showed that only 38% of people say they’re ‘confident’ about their retirement plans, and one on four (25%) said they feel ‘anxious’ about it, unsurprising given the pensions reforms this year.  This clear need for advice at retirement must not be ignored, and the onus is on those providing guidance to ensure that consumers are given the right information and tools to enable them to take the next steps; guidance and advice must work together.

“Unbiased.co.uk is uniquely positioned, as the largest database of independent whole of market financial advisers, to handle all traffic from these guidance sessions, and the advisers we list are uniquely positioned to ensure that consumers make the right decisions regarding their retirement and can feel confident they can enjoy their golden years.  We list over 25,000 professional advisers and hold details of over 12,000 advisers specialising in retirement advice.  In addition to this, over 3,000 of our advisers specifically state they advise clients with pension pots of £50,000 or less.  Our Find an Adviser checklist can help people find the adviser who is right for their unique circumstances.”

ENDS

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About unbiased.co.uk, the professional advice website

The unbiased.co.uk website launched in 1998 and rapidly became the UK’s leading online destination for consumers and businesses looking to find an adviser.  Now attracting over one million visitors a year, unbiased.co.uk is the default adviser directory for consumer websites recommending their audience to ‘find an adviser’.

Unbiased Ltd promotes the benefits of financial and legal advice to consumers and businesses and would like to thank the following companies for their support:

Unbiased Ltd - Registered Office: 12-14 Berry St, London, EC1V 0AU. Registered in England: No. 06775878.