The advice regime needs to be improved to help the mass market take full advantage of the pension freedoms, according to MetLife.
In an interview with Emma-Ann Hughes, FTAdviser editor, Simon Massey, the wealth management director of specialist pension provider MetLife, commented that the government and industry needed to work together to make it easier for people to access their pension pots.
While he claimed that some providers - particularly those with large legacy back books of clients - have “struggled to allow customers to get their hands on their cash”, he also claimed that the advice market was not as open as it should be.
Mr Massey said: “There are areas in the market where the advice regime can be improved, particularly for the mass market consumer with a pension pot of, say, £50,000 to £70,000, which might not necessarily be the typical IFA client.
“Despite the information available out there from the Money Advice Service, Pensions Wise and The Pension Advisory Service, there is much more that can be done.”
He added that last year’s Financial Advice Market Review, which closed for consultation on 22 December, would hopefully bring about much-needed improvements to help consumers.
Mr Massey also talked about the need for proper innovation across the market, creating products that will enable people to take full advantage of pension freedoms and give them access to their cash, as well as providing a stable income stream.