Pension processes could frustrate consumers with no interest in regulated advice, Keith Richards, chief executive of the Personal Finance Society, has warned.
Mr Richards said: “The risk of the public becoming frustrated by a process that mandates them to get regulated advice when they may not want it, cannot access or receive it, yet are insistent to act against it, has been discussed with government and regulators.
“The second line of defence by providers who signpost people to Pension Wise or regulated advice is also irritating consumers.”
His comments came as Neil Walking, consultant for regulation specialists Bovill, told advisers to ask insistent clients for a letter explaining why they had ignored advice.
He said: “I know there is a lot of paranoia out there, but I cannot see why you would have a problem in that scenario.
“The clients you want to avoid are the ones offering to pay for the letter saying they have been given advice so they can go to the provider, and you know they are not going to listen to your advice.”
Adviser view
Gary Quick, director of Devon-based Francis Clark Financial Planning, said: “We are in the process of our compliance manager looking into how we approach this.
“At the moment we are not wanting to deal with insistent clients.”
