FSA notes complexity of pensions calculator advice

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FSA notes complexity of pensions calculator advice

A source from the Financial Services Authority (FSA) has highlighted how important it is for pensions advisors to offer effective advice, as it is a complicated part of the financial industry.

Margaret Cole, managing director of the enforcement and financial crime division of the regulatory body, made her comments after Cricket Hill Financial Planning and Perspective Financial Management were fined for the quality of their pensions switching advice.

Cricket Hill's director Jeremy Sheard was also fined separately.

Ms Cole noted that poor quality guidance regarding retirement savings and the switching process can lead to customers being worse off financially.

"Pension switching is a complex area and any adviser recommending a change of provider must be able to demonstrate that this advice is suitable," she remarked.

This week, the FSA published a draft code of practice for auditors and supervisors, which is aimed at ensuring people involved in such processes are well informed in relation to the organisations they assess.

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