ABI welcomes latest Work and Pensions Committee report

Jan 18th '22

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 (ABI) said:“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 [Financial Conduct Authority] 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.


Source: ABI