Mr Chan, on the other hand, though he accepts pension transfer advice rules are in need of updating, doesn’t believe it is the most pressing issue for smaller advice firms that are “able to tailor their advice on more of an individual basis”.
He adds: “You can do the minimum and [adhere to] the regulatory rules that the FCA requires, but I think a responsible adviser would do a lot more as well. There should be a lot more cash-based modelling and wider discussions with clients.”
Opinions on where to focus now may vary, but advisers and providers are in agreement on one thing: the age of pension freedoms has heralded a sea change in practices across the sector. Two years on, the picture has become clearer, but the regulator and the industry are still in the process of adapting to the shift.
