"The big concern is self-harm, with people self-administering their own retirement planning, which could lead to catastrophic outcomes."
He said this was especially relevant in the DB transfer market, as many people might be influenced by co-workers, for example, who want to access their cash, and so therefore have already made up their minds about what they want before they get advice.
Mr Richards added: "This isn't just about the advice sector. There is an opportunity for government departments to work with the market to better educate the public.
"This was a policy that was rushed in without consultation, and is full of unintended consequences for the public. So I do think the government has a duty to work with the sector to re-educate the public so that we avoid these preconceived decisions.
"The worst outcome for the public is them making these decisions on their own, based on a conversation in the canteen or something they've read."
This video was produced by FTAdviser in association with Just