Source · Select Committees · Work and Pensions Committee
Recommendation 19
19
Deferred
Paragraph: 81
Advice is a personalised recommendation that can only be provided by a regulated firm at...
Recommendation
Advice is a personalised recommendation that can only be provided by a regulated firm at a cost. Few people seem to be willing to pay for financial advice for the decisions they make about their pension savings—even though doing so could significantly improve their financial situation. More people would benefit from regulated advice before accessing their pensions than currently use it. We recommend that the Government should report annually on progress and plans to increase the uptake of pensions advice.
Government response summary AI-generated
The government defers action on reporting annually on progress to increase the uptake of pensions advice, stating that transactions should not be enabled on dashboards initially and future enhancements to dashboards functionality should be decided after the initial offer has been tested with users.
Paragraph Reference:
81
Government Response
The government responded to this report on 27 April 2022. No passage in that response could be matched to this recommendation. Read the response document ↗