Retirement adviser directory given go ahead

A new directory of regulated financial advisers aimed at helping retirees following the pensions and annuities revolution has been given the green light. The Money Advice Service proposed the consumer guide for life after work earlier this year, saying it was especially important in the wake of the Government's radical retirement reforms. The organisation today confirmed it will go ahead but it may widen its scope for the type of advisers who will be included. Originally, it said only those specialising in retirement would be listed. In a statement MAS said: "The service is currently establishing an independent panel of consumer and industry representatives to set the criteria for inclusion. "The independent panel will decide whether the directory should contain details only of retirement specialists, or be opened up to include advisers covering all areas of regulated financial advice."They will also be asked to agree on how fees and charges can best be incorporated into the directory, so that consumers can compare the costs of product and services more accurately." {desktop}{/desktop}{mobile}{/mobile} Advisers will not have to pay to be in the directory. The idea, the organisation said, is to help consumers obtain the right advice, at the right time, and at the right price. Caroline Rookes, chief executive at the Money Advice Service, said: "Many people are faced with making complex financial decisions as they approach retirement, and it is crucial that they know where to turn for specialist advice, particularly following the changes to pensions from April 2015." The MAS carried a public consultation in June and garnered responses from a mixture of industry bodies, product providers, practising financial advisers, and consumer organisations. Ms Rookes said: "We are very pleased that the proposal for an independent, impartial, and non-commercial financial adviser directory has received support from key industry stakeholders and consumer representatives. "The new adviser directory will help many people access specialist advice based on their individual circumstances. We look forward to working with the advice community to help make consumers' transition from guidance to regulated advice as seamless as possible." Chris Hannant, director general at the Association of Professional Financial Advisers, said: "An impartial and effective directory will be important to securing an effective handover from the guidance guarantee to financial advisers. "We will work with the MAS to ensure that the directory's criteria are effective in delivering this, and helps link consumers that need advice to those that are capable of delivering it."

Retirement adviser directory given go ahead

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