You could soon be able to dip into your pension in order to pay for financial advice – so long as the government listens to recommendations from the Financial Conduct Authority.
The measure would go some way to addressing the City regulator’s ‘current concerns about the affordability and accessibility of financial advice and guidance’, it said yesterday in its latest market review.
The FCA didn’t put a figure on how much cash it thinks you should be able to get your hands on to pay for advice, instead it stated it was calling on the government ‘to allow consumers to access a small part of their pension pot’ to redeem against the cost of pre-retirement advice specifically.
‘This will ensure that consumers can access financial advice at a key milestone in their lives and feel confident in making financial decisions as they approach retirement.’
The need for financial advice is clear.
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