Royal London Welcomes Government Response On Pension Guidance
Monday, 21 July 2014
Responding to government’s response to the ‘Freedom and Choice in Pensions’ consultation (published today, 21 July), and the draft FCA standards also issued today Isobel Langton of CEO of Royal London’s intermediary business said:
“We are pleased Government has listened to the voices seeking to make this initiative a success and has recognised that Guidance should be impartial and delivered free from product provider influence.
“We firmly believe that Guidance will increase demand for regulated financial advice as customers look for a solution tailored to their individual needs, and which helps them navigate the complexity of options available to them.
“That is why it is important that those providing guidance are not regulated by FCA but operate to an agreed set of standards; this will provide a clear differentiator from professional regulated advice.
“We also approve of the FCA rules which would prevent provider firms from undermining Guidance by discouraging customers from taking it, or by offering their own alternative.”
Notes to editors
- Full details of Government’s response to the ‘Freedom and Choice in Pensions’ consultation here: www.gov.uk/government/consultations/freedom-and-choice-in-pensions
For further information please contact:
Gareth Evans, Head of Corporate Affairs, 020 7 506 6715 or 07919 170069
About Royal London:
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £76.2 billion. Group businesses serve around 5.3 million customers and employ 2,900 people. (Figures quoted are as at 31 March 2014). Over the next two years the Group is moving to operate all of its UK life, pension and investment business under a new version of the Royal London brand. Royal London Asset Management is now under the new master-brand and the Scottish Life, Scottish Provident and Bright Grey brands will migrate over the next 18 months.