Take complexity out of pensions calculator, urges Which?

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Take complexity out of pensions calculator, urges Which?

Wed 15th Dec 2010

Consumer watchdog Which? has urged the government to remove the complexity from pensions and other financial propositions.

Peter Vicary-Smith, chief executive of the organisation, called on the state to allow the Consumer Protection and Markets Agency (CPMA) the power to set standards for banks and building societies to follow.

In his opinion, the alternative is for the government to insist on a system that makes it easy for people to contrast which services will benefit them most.

Mr Vicary-Smith said: "For too long the financial services industry has traded on complexity, rather than offering simple, transparent products that consumers need."

Which? has stipulated three main aims for the CPMA, which are the compulsory availability of straightforward services, minimisation of toxic aspects of arrangements and minimum standards for certain products.

Last month, the company urged consumers to check returns policies when purchasing gifts so that recipients are not caught out and unable to swap a present.

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