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Mas and CAB fail to reply to FCA on Pension Wise

Mas and CAB fail to reply to FCA on Pension Wise

Neither the Money Advice Service nor the Citizens Advice Bureau has responded to the FCA’s consultation about Pension Wise.

The FCA’s consultation into how it will ensure guidance providers comply with the standards it has set out for Pension Wise ended on Friday 8 May.

In the consultation, Pension Wise: Recommendation Policy, published in March, the City watchdog proposed that where a failure to comply with the standards has become apparent, the FCA can recommend steps to ensure the guidance provider complies and rectifies any breaches.

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The FCA may also recommend they pay redress to those affected by the failure.

But a spokesman for the Citizens Advice Bureau said its policy team had not commented on these proposals.

A spokesman for Mas said: “We will not be responding to this consultation, as the monitoring seems fairly straightforward in terms of the way that the legislation has been laid out.”

The Pensions Advisory Service did not respond to a number of requests about whether it took part in the consultation or not.

The Pension Wise service was unveiled in January, and began rolling out telephone guidance via The Pensions Advisory Service from March.

Face-to-face appointments, provided by the CAB, began on 7 April after the freedoms kicked in on 6 April.

Despite initial confusion, the service provides guidance rather than advice, which is regulated differently.

Regulatory response

A spokesman for the FCA has said that it will now sift through the responses it has received, and publish a policy statement in the summer.