The National Association of Pension Funds (NAPF) has commented on the launch of HM Treasury and the Financial Conduct Authority’s (FCA) major new review to improve financial advice. By Joanne Segars, Chief Executive, NAPF.
The NAPF welcomes the launch of this new review to improve savers’ access to financial advice. We want to see a market that works in the best interests of savers and we have been concerned by some of the advice barriers facing some savers accessing the new pension freedoms. Savers have told us they feel positive about the pension freedoms, but they are also aware of the risks they now face when managing their savings in retirement. The NAPF is already taking an active role in supporting savers and helping them to make informed decisions. Our partnership with WEALTH at work provides a new financial education service to help people understand their options at retirement.”
Whilst we welcome the review’s focus on providers, it’s also vital to the success of the review that pension schemes are included in its remit. Workplace pension schemes play a huge role in steering their members towards the best quality advice and guidance, and we call on HM Treasury and the FCA to work with us in the coming months to consider how workplace pension schemes can play an important role in improving savers’ access to financial advice and delivering these new pension freedoms.