Requesting too many consumer details could put people off free guidance about what to do with their pension pots, Jon Dean has warned.
Mr Dean, a senior consultant for Altus, said: “The Pensions Advisory Service has told us that knowing about the consumer’s situation really helps offer appropriate guidance, but for some customers being asked for these details will put them off taking up the offer of guidance.”
He said that rather than asking questions about a consumer’s penson arrangements, personal circumstances and financial objectives, those providing guidance should attempt to collate this information electronically beforehand.
Mr Dean said: “A statement showing the pot size, any guarantees and other relevant special features, would give the guidance provider and customer alike a useful summary of total benefits.
“Ideally there would also be a means of submitting this information to the guidance service electronically.”
His comments came a week after Paul Pettitt, managing director of e-commerce standards and services body Origo, called on the industry to create a better pension transfer service that would operate industry-wide, in order to deliver the best service, in the most efficient manner.
Adviser view
Alan Solomons, director of London-based Alpha Investments and Financial Planning, said: “If people are not prepared to answer questions then you can’t give them appropriate advice because you don’t know anything about them.”
