“Most people want their hands held, want you to deal with the providers for them and want you to take them through it.
“The money that has been spent on Pension Wise would have been better spent in giving people who need some advice a voucher for ‘x’ amount of pounds to take to an IFA or online business like ours (for those who want to help people looking for just pension advice) and used it towards, or covered the cost, of a pension review process given some tailored advice to the customer.”
Graeme Mitchell, managing director at Lowland Financial, believes that advisers should have been the ones to deliver the guidance guarantee.
“Why should advisers be sense-checking what we should have been responsible for in the first place?
“Financial advisers often offer a free 30 minutes session for people to have a chat with us and we can help people within that time, giving guidance, as we know what we are talking about.
“I set up a sign outside our door asking people to pop in for a free chat and I slightly regretted it as we have had a few characters in but on the whole we have helped people and stopped from making mistakes.”