Billy Burrows, director of Retirement Intelligence, says anxiety in some quarters of the adviser sector is misplaced and that it is possible to make post-pension freedom advice ‘bulletproof’.
Speaking to Emma Ann Hughes in a FTAdviser video interview ahead of the reforms coming into force, Mr Burrows said there are five issues that advisers must raise with their clients if they want to ensure they do not run into trouble with the regulator in the future.
“First of all it is their income requirement; secondly it is the need for flexibility; thirdly it is the attitude to death; fourthly you have got the death benefits; and fifthly it is taking a longer term view about what happens if they need long-term care.
“If they discuss those five issues with their clients then I think their advice will be bulletproof.”
Mr Burrows said good advisers will have been speaking to their clients and warning them if they want to use the new freedoms they must get all of their documentation ready ahead of 6 April.
When asked if he thinks providers are ready, Mr Burrows said their back offices will be ready to answer inquiries but many are not ready with new products and he added he was unsure if the ‘second line of defence’ demanded by the regulator at the eleventh hour is firmly in place.
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