The pensions minister has taken the FCA to task on whether there is “something in the middle” between the guidance guarantee and paid-for advice.
During a House of Commons pension scheme bill committee hearing, Steve Webb MP asked about what room might exist for advice that fell between the guidance guarantee and “all-singing, all-dancing” advice.
David Geale, the regulator’s director of policy, said there was “not a lot in the middle” but that the FCA had put out a consultation on how firms could give advice that was “more limited and more focused”.
MPs at the session also questioned figures from The Pensions Regulator, the Pension Protection Fund, The Pensions Advisory Service and the Money Advice Service.
Adviser view
Chris Williams, chief executive of Bristol-based Wealth Horizon, said: “The retail distribution review means that more and more customers are unable to pay for full advice and yet some would like to find a middle ground between face-to-face advice and no advice at all.”
