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."
"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."
About LV=
LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual.When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We are currently the UK's number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.