Ken Davy: Webb is Pension Wise after the event
Former pensions minister Steve Webb has admitted the government guidance scheme was a costly mistake, but his vouchers idea would have helped tens of thousands.
At the ‘Squeezed Savers Symposium’ held on the 5 November, ex-pension minister Steve Webb gave a speech in which he expressed a sentiment that was a surprise to absolutely nobody in the adviser community: that Pension Wise has been a costly mistake.
Although the original objective of providing generic information to consumers who were facing decisions about their pension options following the introduction of the new freedoms sounded attractive, the reality is that the practicalities were fundamentally flawed.
As a government scheme, funded predominantly by the taxpayer and the advice sector, it has the impossible task of providing generic information and guidance which helps consumers reach conclusions without falling into the trap of giving advice with all its regulatory and legal implications.
Read the full article on FTadviser.