MSE News: New standards for pension providers to be introduced

Former_MSE_Helen

Pension providers will be required to check whether or not customers buying their products have already taken guidance...

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New standards for pension providers to be introduced




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Pincher

Why don't they ask school leavers whether they can spell and do maths?


I know, why don't they insist that all advisers must play a FCA approved DVD to all customers and film them watching it to prove that they did not sleep through it.


You can take a horse to water....

bmm78

Tickbox exercise in practice. Risk warnings, disclaimers, signed declarations have little impact on buyer decisions, particularly if introduced at point of sale or close to it. It probably will do more to protect providers and the regulator, rather than prevent some customers from making bad decisions.

Of greater significance is that the FCA have confirmed they view UFPLS as essentially another form of drawdown. Many providers may be reluctant to offer UFPLS without advice, which could restrict the accessibility (or perceived accessibility) of pension freedom.

gadgetmind

I don't mind them checking, I don't mind them encouraging, but if I'm *forced* to pay someone with a shiny suit and a gold watch to tell me what I already know, then that's not in my best interests.

Thrugelmir

bmm78 wrote: »

Tickbox exercise in practice. Risk warnings, disclaimers, signed declarations have little impact on buyer decisions, particularly if introduced at point of sale or close to it. It probably will do more to protect providers and the regulator, rather than prevent some customers from making bad decisions.

Of greater significance is that the FCA have confirmed they view UFPLS as essentially another form of drawdown. Many providers may be reluctant to offer UFPLS without advice, which could restrict the accessibility (or perceived accessibility) of pension freedom.

Perceived is mostly likely the right word. Too many words before the commercial practicalities.