While, he said this may be something it will do in the future, advisers told FTAdviser they would have no interest in doing this, flagging up that the government should have listened to calls for an advice ‘voucher’ rather than launching Pension Wise.
Simon Welch, IFA for Newark-based Sense Financial Solutions, said: “I have no interest in Pension Wise now. It is like they are reinventing the wheel. The infrastructure is there but they decided not to use it. “
5) FCA rating firms
Finally, the Financial Services Consumer Panel has called for the Financial Conduct Authority to rate firms’ behaviour so that consumers are better informed.
Research commissioned by the panel, published on Tuesday (15 September), showed that consumers are enthusiastic about getting information about firms’ behaviour and quality of service to help them make decisions about which firms to buy products and services from.
Consumers said the information should be authoritative, impartial, easy to understand, and incorporated into existing decision-making tools, like comparison tables.
The panel wants to see a “simple” rating, such as a star system, that would help people decide which financial services firms would be likely to treat them well.
This is all very well and good but the FCA regulates almost 70,000 firms, so how can this possibly work in practice?