Find out our take on the financial news from this week below!
Money Marketing: Paul Lewis: New guidance body targets do not meet even 5 per cent of advice gap
There is an urgent need for lower cost advice for pensions, especially those who are eligible for pension credits.
There’s a real need to address the advice gap, especially those needing help in developing retirement solutions. Our answer is low cost, high-quality financial advice that’s affordable, accessible and convenient and we hope others join us.
FT Adviser: PFS dismisses impact of FCA pension transfer data
The Personal Finance Society doesn’t think that the pension transfer data will have a huge impact on the financial advice sector and that it isn’t representative of broad advice standards. This came after the Financial Conduct Authority released recommendations for pension transfers.
Pensions Age: Pension credit failings leave 1m pensioners in poverty
Due to the changes the government has made to pension credits, there are now more than one million pensioner households living in poverty in the UK, according to Independent Age.
It’s disturbing to hear that many pensioners are losing out on the ability to claim pension credits and, as a consequence, falling into poverty.