Is Pension Wise on track to succeed?

The organisations behind the guidance guarantee have plenty of obstacles ahead. But for those unable or unwilling to pay for advice, its success is vital.

Question marks have loomed over the guidance guarantee set up to underpin Chancellor George Osborne’s pension reforms right from the start. When Osborne mistakenly spoke of “free, impartial, face-to-face advice” in last year’s Budget, his slip of the tongue led to real concerns within the financial services industry about the confusion between guidance and advice.

The fact the service is free may prove a selling point but, as a whole, it will take a while to bed down and prove effective, according to Foster Denovo director Darren Laverty.

“It is likely there will be a lot of dissatisfied customers. Ironing out any potential issues could take a couple of years and the service may have to recoil from bad PR.”

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