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10 July 2014

The Association of Professional Financial Advisers (APFA) has today responded to the Money Advice Service’s proposal for setting up a retirement adviser directory in light of recent pensions reform announcements. According to APFA the creation of a directory is vital to the successful handoff from guidance to advice, but it should not seek to set additional qualification standards for advisers wishing to list.

 

Chris Hannant, Director General at APFA, said:

“One of the most important elements of the new guidance guarantee will be to help consumers take the next step, and we broadly support the MAS proposal to create a directory of regulated advisers as an aid to effective hand off from guidance to fulfilment. However, we do not want to see MAS stipulating its own qualification levels required for an adviser to be listed. Financial advisers are already subject to minimum standards to be able to give advice, standards which have been through a period of major upheaval, and it is not MAS’s role to second guess levels deemed fit by the FCA.

 

“The directory will need some conditions of operation, but should not be so restrictive that firms are put off listing their services, which will limit consumer choice.  We believe that providing fee information in a meaningful way in the directory will be challenging, but recognise that this information would benefit consumers.  APFA will work with MAS and advisers to determine the best way to disclose cost information that is relevant and helpful.” 

 

To read APFA’s full response, please go to http://www.apfa.net/policy/responses/APFA-response-MAS-retirement-adviser-directory-july-2014.pdf.

 

ENDS