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Response to the Financial Advice Market Review final report

Press release: 14/03/2016

In response to the Financial Advice Market Review final report, Richard Rowney, Managing Director, Life and Pensions, at LV= said:

We’re pleased the Government and regulator will take action to address the advice gap. Nearly half a million people retire each year without taking advice and we believe this could lead to a ‘mis-buying’ scandal with people making hugely important financial decisions without adequate support. “It’s good the review has recognised the current different levels of advice aren’t working for consumers and it is absolutely right to recommend a single definition for advice to end the confusion. We also agree that changes should be made to the retirement advice tax allowance for employers to make advice more affordable and a pensions dashboard will help people have a much better understanding of their financial position at retirement. “It’s vital that everyone can access affordable, regulated advice to help to make the most of their hard-earned savings, and we expect these changes to be introduced without delay.

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