FCA consults on Pension Wise referrals

FCA has proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their pension. Currently, take up of Pension Wise guidance remains low. FCA is proposing that when a customer has decided, in principle, how to access their savings, a provider must:

  • refer the customer to Pension Wise guidance;
  • explain the nature and purpose of Pension Wise guidance; and
  • offer to book an appointment, and where the customer accepts the offer, book the appointment or provide the customer with sufficient information to book their own appointment.

The consultation closes on 29 June 2021.

Lucy Hadrill