Quite worrying this. Might annuity advice for best UK pension annuity rates get too pricey? Will it be the case that people who really need good sound financial advice face the risk of being shut out by Financial Services Authority (FSA) led industry reforms, shadow minister Nigel Waterson says. Speaking at the Association of Independent Financial Advisers’ (AIFA) annual dinner recently, he pointed to research suggesting only 51% of consumers currently receive advice, which is a bit worrying, especially to retirees who really need to understand their options at retirement.
However, Waterson argued RDR proposals to change the current system of providing advice and supposedly increasing access to advice could backfire. He suggested that there is a risk financial advice will become more expensive for consumers rather than more accessible. Waterson said to avoid this happening, the FSA needs to understand better the outcomes of the RDR with a priority on getting greater customer engagement with advisers. He is absolutely correct, we cannot afford a changing advice process which prevents retirees from getting the best UK annuity rates and a decent retirement income.
