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    • Former MSE Helen
    • By Former MSE Helen 27th Nov 14, 3:39 PM
    • 2,324Posts
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    Former MSE Helen
    MSE News: New standards for pension providers to be introduced
    • #1
    • 27th Nov 14, 3:39 PM
    MSE News: New standards for pension providers to be introduced 27th Nov 14 at 3:39 PM
    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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Page 1
    • Pincher
    • By Pincher 27th Nov 14, 4:03 PM
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    Pincher
    • #2
    • 27th Nov 14, 4:03 PM
    • #2
    • 27th Nov 14, 4:03 PM
    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
    • By bmm78 27th Nov 14, 7:51 PM
    • 420 Posts
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    bmm78
    • #3
    • 27th Nov 14, 7:51 PM
    • #3
    • 27th Nov 14, 7:51 PM
    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.
    I work for a financial services intermediary specialising in the at-retirement market. I am not a financial adviser, and any comments represent my opinion only and should not be construed as advice or a recommendation
    • gadgetmind
    • By gadgetmind 28th Nov 14, 5:45 PM
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    gadgetmind
    • #4
    • 28th Nov 14, 5:45 PM
    • #4
    • 28th Nov 14, 5:45 PM
    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.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • Thrugelmir
    • By Thrugelmir 28th Nov 14, 8:59 PM
    • 63,190 Posts
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    Thrugelmir
    • #5
    • 28th Nov 14, 8:59 PM
    • #5
    • 28th Nov 14, 8:59 PM
    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.
    Originally posted by bmm78
    Perceived is mostly likely the right word. Too many words before the commercial practicalities.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
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