27 January 2015
Financial advisers who meet the specified criteria (1) for the new Money Advice Service retirement adviser directory are invited to register their firms as of today. Firm principals will be responsible for listing their firm and eligible advisers’ details online at https://radsignup.moneyadviceservice.org.uk
The directory aims to make it easier for consumers to find a regulated financial adviser specialising in retirement planning, and complements the government’s new service - Pension Wise, Your money. Your choice (2) - which seeks to help people retiring or accessing their pension understand what their choices are and how they work.
The Money Advice Service will also continue to develop its online content to help people budget and consider their options in the run up to and through retirement.
Caroline Rookes, CEO at the Money Advice Service, comments:
“The Money Advice Service’s directory is open for business. As the Government’s pension reforms are implemented, it is really important that consumers in every part of the country know where to turn to find a specialist retirement adviser who can help with their individual circumstances at a very crucial time in their lives. We hope that advisers who meet the entry criteria from right across the UK sign up to be listed on the directory - especially now that Pension Wise will be signposting consumers looking for regulated advice to the directory.”
Advisors from across the country add:
“Having seen the progress made so far, I think the Money Advice Service Directory could add real value for the consumer. The development of the directory, based on consumer testing and adviser feedback, is a positive contribution to the industry and I look forward to listing our firm at the earliest opportunity.”
Craig Davidson, Managing Director at Reckitt House
“As a result of the pension legislation changes giving consumers greater flexibility in taking retirement income, those people who have reached the ‘at retirement’ phase of their lives have a greater need than ever to seek guidance and advice.
“The retirement directory offered by the Money Advice Service has put the consumer outcome at the heart of its design with the desire to offer people access to qualified advisers who are the ‘right match’ for them.
“RM Financial Advice will be signing up to the directory as we have worked closely over the past few years and continually engaged with the Money Advice Service on numerous projects. We also strongly believe that there will be a high demand from consumers who have never used a Financial Adviser before and we fully support the Money Advice Service’s ethos that a good consumer outcome must come first.”
Marie Fanning APFS, Chartered Financial Planner at RM Financial Advice
“HM Treasury has launched “Pension Wise” in its response to delivering the Guidance Guarantee announced by George Osborne in the 2014 Budget. As a direct result, many consumers approaching retirement will for the first time be engaging directly with their pension arrangements and a significant number will come to realise they need to seek financial advice. Many of these consumers may have fallen into the ‘advice gap’ after the Retail Distribution Review and are not presently served by the existing UK financial advice sector. It is therefore essential a financial adviser directory is established that is dedicated to consumers that have received this pension’s guidance, to help them obtain the most suitable advice.
“I will be signing up to the directory because I do a lot of work around pensions and retirement planning and my experience after many years of practising as a fee based financial planner is that it is possible to sustainably deliver quality advice services at a cost representing good value to consumers.
“My firm delivers a chartered standard service to a very broad church of clients and view consumers using the directory as a valuable potential source of new clients.”
Dr R W Keyte, Director, KEYTE Chartered Financial Planners
NOTES TO EDITORS
1) The criteria agreed by an independent panel made up of consumer and industry representatives, are as follows:
- Financial advisers on the directory must be active in the retirement planning market and have the ability to provide regulated financial advice for either ‘at’ or ‘post’ retirement planning. Advisers may concentrate on either or both markets, and will need to make the scope of their service clear in their directory entry.
- Financial advisers on the directory will offer, as their primary business model, financial advice which includes a personal recommendation. This can be full, focused or simplified advice, but at all times will include a personal recommendation that complies with the FCA suitability rules set out in their Handbook in COBS 9. Advice must be covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme.
- As well as firms classified as ‘independent’, firms with ‘restricted’ status due to the fact they have chosen to focus on a particular market (relevant to retirement planning) will be permitted entry to the directory. Firms with restricted status will be asked to confirm that their advisers will consider a wide range of providers within the market they have chosen to focus on.
2) Delivering pensions guidance: January 2015 update
3) The Money Advice Service retirement adviser directory follows a public consultation in June last year; see the following press releases for background information.
About the Money Advice Service
The Money Advice Service is an independent organisation. It gives free, unbiased money advice online at moneyadviceservice.org.uk, over the phone on 0300 500 5000, and face to face right across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.
For more information, please contact:
The Money Advice Service press office on 020 7943 0593 or firstname.lastname@example.org