“Royal London totally supports the need for affordable financial advice throughout the lifetime of consumers. It is vital that the industry works to improve consumer trust and so advice should be not only affordable and accessible, but also totally impartial with the consumer needs at the forefront of every recommendation.
“The call to redefine advice and guidance services is particularly welcome. Royal London has consistently called for a definition of regulated advice which is based on the provision of a personal recommendation. We believe this should be a simple and clear concept that consumers will be able to understand.”
“As a leading pensions provider, Royal London is also particularly interested in:
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The suggestions that pension funds might be used to fund advice. Improving incentives for employers to help is likely to be effective for employees and we are willing to work with government and the regulators to help bring this about.
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We also welcome the fact that FAMR recognises the urgent need for a “pensions dashboard” to enable savers, and their advisers, to see their entire pensions savings in one place. But rather than challenging “the industry” to deliver a pensions dashboard, Government and regulators should be collaborating with providers to deliver a viable dashboard.”
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