The CII group's response to the FCA's consultation on
retirement reforms and the guaranteed guidance (GG).
- We concur with the Financial Conduct Authority's (FCA) proposed
standards. These are in line with what the CII proposed in its
response to the original HM Treasury (HMT) consultation, and so we
agree with the approach taken.
- We continue to emphasise the importance of training and
expertise for those giving GG. Consumer research that we have
recently undertaken indicates that those most likely to use this
service score staff expertise as highly in importance to them as
impartiality. So the Government and FCA should take this as
seriously as it is taking impartiality.
- In relation to making customers aware of GG, although we agree
with the general thrust of the proposed rule changes for firms'
relations with customers, the Government needs to look more closely
at how it can more efficiently influence consumer action through,
for example, specially coloured official letters.
- We look forward to further detail on the Government's plans for
accrediting its delivery partners, particularly those organisations
beyond the Money Advice Service (MAS) and the Pensions
Advisory Service (TPAS), and revalidating them on an ongoing
basis. The public deserves a robust and consistently high standard
of guidance delivery. This can only be policed through such an
accreditation and revalidation process of both the organisations
offering GG and those staff members actually delivering it and/or
overseeing its delivery.
The CII remains willing to work with the FCA, HMT and the market
to arrive at the right level of standards, and then help develop
training, accreditation and revalidation solutions as required. In
the meantime, we will be publishing the wider results of our
consumer research in mid-October.
View the attached document »
CII Policy Briefing. Freedom & choice in pensions - HM Treasury
response and FCA consultation
CII Response. Freedom & choice in pensions - HM Treasury
Briefing. The Chancellor's pension reforms and the "right to