Recommendation 21

When someone is looking for support to help them make a decision about their pension they can seek either advice or guidance. These are both important tools to prevent scams, with earlier intervention likely to lead to better outcomes. Advice is a personalised recommendation which can only be provided by regulated individuals and firms. Guidance is a broader term which includes general information and signposting about pensions. This difference is not always understood by consumers and can be exploited by scammers.