Firm principals will be responsible for listing their firm and eligible advisers’ details online at https://radsignup.moneyadviceservice.org.uk.
The directory aims to make it easier for consumers to find a regulated financial adviser specialising in retirement planning, and has been launched alongside the government’s Pension Wise service which seeks to help people retiring or accessing their pension understand what their choices are and how they work.
According to the Money Advice Service, financial advisers on the directory must be active in the retirement planning market and have the ability to provide regulated financial advice for either ‘at’ or ‘post’ retirement planning. Advisers may concentrate on either or both markets, and will need to make the scope of their service clear in their directory entry.
Caroline Rookes, CEO at the Money Advice Service, comments:
“The Money Advice Service’s directory is open for business. As the Government’s pension reforms are implemented, it is really important that consumers in every part of the country know where to turn to find a specialist retirement adviser who can help with their individual circumstances at a very crucial time in their lives. We hope that advisers who meet the entry criteria from right across the UK sign up to be listed on the directory - especially now that Pension Wise will be signposting consumers looking for regulated advice to the directory.”
Marie Fanning APFS, Chartered Financial Planner at RM Financial Advice, said:
“As a result of the pension legislation changes giving consumers greater flexibility in taking retirement income, those people who have reached the ‘at retirement’ phase of their lives have a greater need than ever to seek guidance and advice.
“RM Financial Advice will be signing up to the directory as we have worked closely over the past few years and continually engaged with the Money Advice Service on numerous projects. We also strongly believe that there will be a high demand from consumers who have never used a Financial Adviser before and we fully support the Money Advice Service’s ethos that a good consumer outcome must come first.”
Dr R W Keyte, Director, KEYTE Chartered Financial Planners, added:
“HM Treasury has launched “Pension Wise” in its response to delivering the Guidance Guarantee announced by George Osborne in the 2014 Budget. As a direct result, many consumers approaching retirement will for the first time be engaging directly with their pension arrangements and a significant number will come to realise they need to seek financial advice. Many of these consumers may have fallen into the 'advice gap' after the Retail Distribution Review and are not presently served by the existing UK financial advice sector. It is therefore essential a financial adviser directory is established that is dedicated to consumers that have received this pension’s guidance, to help them obtain the most suitable advice.
“My firm delivers a chartered standard service to a very broad church of clients and view consumers using the directory as a valuable potential source of new clients.”
