A regulated approach to auto enrolment advice
SimplyBiz Group Workplace Solutons Director Tom Nall writes about taking a regulated approach to giving auto enrolment advice.
There are not many companies who would hand over cash for services they only vaguely understand. Yet this is the challenge facing advisers and payroll providers tackling auto enrolment.
The process of educating employers so that they recognise the value of auto-enrolment support can prove costly, and there is a real risk any fees generated may not cover the costs in time, resources and energy. Add to that the risks of straying into regulated individual advice and the threat of retrospective regulation and it is not surprising many payroll firms look to partner with advisers to complete the service for their clients.
Whilst advice to employers is unregulated, I would recommend approaching it in the same way as you would any regulated business in terms of fact-finding, determining suitability and documenting the advice process from end to end. ‘Unregulated’ rarely translates as ‘risk-free’ and that is particularly true of auto enrolment.
To read this article in full, please click here