Source · Select Committees · Work and Pensions Committee
Recommendation 19
19
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.
Paragraph Reference:
81
Government Response
Acknowledged
HM Government
Acknowledged
It is important to establish trust in dashboards as they are introduced, and until they are, that transactions should not be enabled. We have taken the position that they will start with a basic level of information, with the potential to include more detail or functionality as our understanding of consumer needs develop. We have been clear throughout that in order to develop a digital service that is safe, useful and relevant to consumers, future enhancements to dashboards functionality should not be decided before the initial offer has been tested with users and any behavioural effects are understood. This means that transactions will not be possible on the initial version of dashboards. Government and Financial Conduct Authority Responses to the Committee’s Fifth Report 15