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New Pension Wise service website - incredibly dangerous
Definitely guidance not advice; that’s been stressed since they ‘corrected’ Osborne’s budget speech which said ‘advice’. Advice in this area means regulated advice from qualified financial advisers.
Definitely guidance not advice; that’s been stressed since they ‘corrected’ Osborne’s budget speech which said ‘advice’. Advice in this area means regulated advice from qualified financial advisers.
Unfortunately the difference between guidance and advice may be somewhat lost in translation. Much of the media presents PensionWise as providing advice rather than guidance (BBC News guilty only yesterday!).
There is also the issue of expectation by people seeking that guidance (however carefully the destinction is made by the provider) and the provider in practice being clear and consistent about the dividing line over which they are not competent to cross and being clear with clients that they cannot give advice (and being clear about what other providers can actually give advice on the issue).
It would seem some PensionWise advisers are not (yet) competent to give guidance on the impact on benefits of pension choises. The question is - are trained and expected to be able to give such guidance?
What is annoying is that they are seeking to use our service to meet this guidance need. I rather fear this is another example of national organisations hoovering up cash to deliver a service they can’t actually deliver effectively in practice.