Growing Vacuum In Pensions Advice, Survey Finds

By Martin Croucher (October 4, 2021, 2:34 PM BST) -- The number of financial advisers offering pension services has more than halved in three years because of the rising cost of commercial insurance and the "hostile" attitude of the City watchdog toward transfers, a survey has found.

Consultancy Lane Clark & Peacock LLP and insurer Aviva PLC said in a joint report published on Sunday that regulators must act, otherwise Britons approaching retirement will not be able to get quality advice on their savings.

The two companies surveyed 213 financial advisers over the summer and found that 54% had stopped offering advice on defined benefit pension transfers since 2018. Of the...

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