Financial Conduct Authority  

FCA proposes value for money assessment for pensions

“However, we are concerned that levels of customer service, for example communicating the importance, benefits and availability of professional financial advice, are not given the same treatment in the consultation paper or the thematic review as charges.

“This may be because levels of charges are easier to measure and compare than levels of service but this greater focus on price does continue to undermine value.

“For example the International Longevity Centre has developed an approach that measures outcomes for consumers who take advice, compared to those which do not take advice. A similar measurement of outcomes from information and other services could help IGCs to evaluate the quality of services more effectively.”

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