PensionsAug 17 2018

Contingent charging ban would hamper advice gap efforts

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Mr Harrington said: "It has been quite disappointing to see not many consumers being aware of it and providers not offering it. We understand why consumers don't [use it], because there is obviously no consumer demand for it, however consumers cannot demand something they do not know exists.

"I don't think it's beyond repair. I think it can be a very useful tool for people not just to access financial advice, but also to be made aware of the fact that they should be accessing financial advice.

"One of the things that we really welcomed from the Retirement Outcomes Review was the introduction of wake-up packs from the age of 50. What we as an organisation would like to see is [...] the advice allowance flagged within those packs and doing so may create consumer demand which may in turn encourage providers to offer it themselves."

For the full interview with Mr Harrington, watch the video at the top of the page.