Over two thirds of financial advisers would like to be listed in the Money Advice Services’ adviser directory to give pension advice after a consumer has taken up the ‘guidance guidance’, a new survey has revealed.
The survey from the Association of Professional Financial Advisers, carried out by NMG Consulting, revealed 45 per cent of 211 financial advisers would like to be listed in the directory to give advice following the guidance service.
However, a further 28 per cent of financial advisers said they would only like to be included if they can stipulate client criteria.
In June Mas revealed plans to launch a directory, and in August it confirmed it will be free for advisers to join. The new directory is to be built and hosted within Mas’ existing site, and will aim to be launched by April 2015 to coincide with the new retirement guidance service.
Chris Hannant, director general of Apfa, said that the hand-off from guidance to regulated financial advice is a crucial stage in the process and one that is important to get right.
“We’d like to see Mas allow financial advisers to stipulate client criteria, such as minimum levels of assets they will advise on, before being included in the directory.
“The purpose of the directory is to help match the right consumer with the right financial adviser, so the more information the directory contains, the better the outcome for consumers.”
Yesterday afternoon (16 October) the Financial Conduct Authority’s acting head of savings and investment Maggie Craig confirmed its guidance guarantee consultation and intends to issue a policy paper in the “late autumn”, but gave no further detail on plans for the hand-off to financial advisers.
peter.walker@ft.com
