According to the firm’s research around half a million people retire each year without taking financial advice. It was clear in the March budget that the Government would create two new guidance bodies, responsible for pensions and money respectively, to replace the Money Advice Service and The Pension Money Advice Service (TPAS), and LV= says “the compulsory guidance, which would be funded by an industry levy, needs to be broader than pensions to include other retirement income options.”
“People are making important financial decisions without adequate support. It’s essential that all consumers are able to access affordable, regulated advice but when people can’t, or don’t, take advice we believe guidance should be compulsory. Says Managing director of life and pensions Richard Rowney. “This would further inform retirees about their options and help them make the most of their money.” “Making guidance mandatory, and increasing accessibility of advice, would be beneficial to all, as not only would individuals be better off but they would be less likely to rely on state support in retirement and would contribute more to the UK economy.”
Source: Money Marketing
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
No comments:
Post a Comment