I spoke in the Financial Guidance and Claims Bill yesterday where I highlighted the difficulties too many people face over how to make the most of their pensions.
It is important that those who are retiring are able to access independent pension advice that allows them to make the most of their finances.
The UK Government’s decision to allow people to access pension pots early is a cause for alarm since many are not necessarily making the best financial decisions due to the lack of safeguards for older people. The Financial Conduct Authority has pointed out that only around 20% of those who access pension pots early are receiving independent financial advice.
Vulnerable consumers must be protected. Outlawing unsolicited contact about pensions is a step forward but sadly the UK Government has failed to do as it promised and adopt my Ten Minute Rule Bill on unsolicited marketing by placing responsibility for this scourge where it belongs and ensure company directors are held personally responsible for the actions of their companies. This would protect ALL consumers from cold calling and the nuisance and scams this can give rise to.
Currently around 800,000 people in the UK live with dementia and by 2030 it is thought this will rise to 1.2m. These vulnerable people need to be protected and it is to be hoped that a legal duty of care by financial institutions will be woven throughout this Bill