the money advice service: proposal for a retirement ... · proposal for a retirement adviser...

Proposal for a retirement adviser directory

A Money Advice Service Consultation June 2014

This consultation paper can be found on the Money Advice Service website at moneyadviceservice.org.uk/en/static/publications

You can respond either by email or by post

Respond by email Please submit your response to [email protected]

Respond by post Please submit your response to:

Rosie Clarke, Money Advice Service, 5th Floor, 120 Holborn, London, EC1N 2TD

Please submit your response by 5pm on Friday 11 July, 2014

https://www.moneyadviceservice.org.uk/en/static/publications

mailto:mailto:%20consultation%40moneyadviceservice.org.uk%20?subject=Consulation%20response%20to%3A%20Proposal%20for%20a%20retirement%20adviser%20directory%20

Proposal for a retirement adviser directory Section 3

Contents

moneyadviceservice.org.uk

Section 1: Introduction 4

Section 2: The Money Advice Service Customer Signposting Review 5

Section 3: The wider policy context 10

Section 4: A new retirement adviser directory 13

Section 5: Benefits of a new directory 16

Annex I List of consultation questions 18

Annex II Consultation process 20

https://www.moneyadviceservice.org.uk

Proposal for a retirement adviser directory Section 1: Introduction 4

1 Freedom and choice in pensions – HM Treasury, March 2014

The complexity prevalent in financial products and services means there are instances in many consumers’ lives when they need the services of a professional, regulated, financial adviser. However, the question of how consumers access financial advisers who can deliver the service they need, is one that continues to attract much debate amongst industry, government and consumer representatives.

Since the introduction of the Retail Distribution Review (RDR) in January 2013, the debate has broadened further with concerns that those advisers who traditionally served low to middle income consumers would withdraw from the market, leaving the search for good quality, affordable advice even more difficult. To some extent those fears have so far proved unfounded (or are, as yet, unproved), but the journey to find a financial adviser is, at least, as complex as it always was, and for many consumers is an intimidating and difficult process.

The 2014 Budget proposals1 for changes to the pension decumulation process, with the increased level of choice those changes will bring, coupled with the proposal for a new guidance service by April 2015, has now created an even greater need to match consumers seeking specialist financial advice, with advisers who can provide them with an appropriate service.

To try and address this need the Money Advice Service is proposing that a new, specialist retirement adviser directory is established. This consultation document outlines that proposal.

Section 1: Introduction

Proposal for a retirement adviser directory Section 2: The Money Advice Service Customer Signposting Review

5

2 Money Advice Service 2014-15 Business Plan, p5 3 Money Advice Service 2014-15 Business Plan p8

2.1 Working with the regulated advice community

In its 2014-15 Business Plan, the Money Advice Service committed to:

“helping customers to get advice from regulated advisers or elsewhere, if we are unable to provide it ourselves”2

The Service also confirmed it will:“work with the financial adviser community to make sure that customers who need regulated financial advice are directed to the right part of the financial services system at the right time”3.

2.2 Money Advice Service customer signposting review

In order to fulfil these commitments, the Money Advice Service undertook a review during late 2013 looking into the solutions adopted by the Service, and others in the financial services market, when referring customers to third parties and, in particular, to the regulated advice sector.

It considered whether the current solutions provided a good customer experience and met customer needs.

The review concluded that the journey to regulated financial advice from organisations such as the Money Advice Service was often fragmented and confusing, and that the final choice of adviser, if one is made, is often random.

The Money Advice Service decided the consumer need for easy access to regulated advice is not currently being fully addressed and that it should do further work in this area.

Section 2: The Money Advice Service Customer Signposting Review

Proposal for a retirement adviser directory 6

2.3 Findings of the Money Advice Service review

2.3.1 Consumers find regulated advisers in various different ways

These include:

■ Referral from friends or family

■ Referral from another service provider i.e. estate agent, accountant or pension provider

■ Referral from an affinity group, union or pension scheme

■ Internet searches

■ Links from information websites (such as Money Advice Service, Which?, Money Saving Expert, etc.)

Often the search for financial advice follows a particular ‘trigger’ of some sort. The ‘wake-up’ pack sent by pension providers or pension schemes six months prior to retirement is a good example of such a trigger. Entering the pension automatic enrolment process for the first time, taking out a mortgage, having a baby, receiving an inheritance or tax-free cash sum are all ‘triggers’ which may prompt consumers to seek professional advice.

2.3.2 Personal recommendations are not always best

For many people, referral through a known source is perceived to be one of the best ways of finding a financial adviser as it comes with a personal recommendation. However, there can be numerous problems with personal recommendations not least that it is difficult for ordinary consumers to evaluate what constitutes ‘good’ advice. Unlike with a builder or plumber, the end result may not be visible for many years.

To assess whether or not a financial adviser has done a good job is tricky to do for the average person. Often recommendations are made on the basis that the adviser was kind or easy to deal with, or was likeable. Whilst you would want your adviser to be all of these things, you would also want to know that they are capable of giving you high quality, value for money advice and for people outside the financial services industry this is not always easy to assess.



2.3.3 Referrals from other service providers

Some pension schemes, unions or affinity groups have, through a process of due diligence, selected a particular firm, or firms, their members can consult. For members of these organisations, much of the hard work to selecting a financial adviser has therefore already been done. However these referrals are not necessarily widely available. Also, members may not always be aware that this selection has been made for them.

More common ‘recommendations’ are through other services such as estate agents, accountants or legal services. Often these recommendations come about because of a commercial connection between the companies. There is no way of knowing what process the referring company has gone through before choosing which company to recommend and there is every possibility that the link might be purely commercial. Where there is commercial bias, this may not be evident to the customer.

2.3.4. Internet searches do not always allow a comprehensive search for an adviser

Many Google searches direct consumers towards sites which are effectively lead-generating sites and do not allow consumers to search for an adviser. Instead, consumers are asked to provide contact details and are then later contacted by an adviser nominated through the website.

Advisers pay for leads through these sites which means the client is ‘monetised’ from an early stage. The need to make a profit from the lead is intensified, with the possibility of turning the discussion into a ‘harder sell’ at an early stage.

More importantly, the consumer is not given the opportunity to exercise choice into which adviser they consult and may not even realise that such choice exists through other websites.



2.3.5 Searchable directories

The Money Advice Service acknowledges that there are already several, good-quality, adviser directories, some commercial and some managed and governed by the main professional bodies. However, the fact that there are so many creates a further problem for consumers.

Choosing a financial adviser is one of the most crucial financial decisions that a consumer will face. With so many websites purporting to offer consumers the ‘best’ way of finding a financial adviser, consumers are faced with the choice of ‘which website?’ before tackling the more important choice of ‘which adviser?’

It is also difficult for consumers to make a distinction between the different websites as there is little or no indication why, or indeed if, they are different. As highlighted in para 2.3.4 there is also the very real concern that consumers will pick a lead-generating site, rather than a searchable directory, purely because these sites tend to be presented at the top of any Google searches.

It is possible consumers may simply decide to go with whichever directory is presented to them first. Or, if they do take the trouble to try more than one, they might just prefer the look or feel of a particular directory. Either way, this is not an ideal basis for a personalised and thorough choice.

In essence, the range of directories detracts from the more important choice of which adviser a consumer should consult. There is a danger that many consumers may be put off by the complexity of the journey and simply give up.

In the course of the review, the following issues were also identified:

■ With some commercial directories, advisers pay to appear higher in the returned list. Consumers may not be aware of this and may believe the results returned to them provide a full list of available advisers in their area. This could lead them to miss a specialist adviser who would meet their needs more adequately than those returned.

■ Most directories do not provide information on fees charged, so consumers have little or no idea how much the advice they need might cost until they contact the adviser firm.

■ While some directories do allow consumers to search for a particular type of financial advice (i.e. retirement planning, investment or mortgage advice) often the same advisers are returned irrespective of the specialism searched for. It is, of course, perfectly possible for an adviser firm to specialise in more than one area, but there is often no indication of how a specialism is tested, or an explanation as to why an adviser is classified as a specialist (i.e. percentage of business written in that area, or additional qualifications held).

■ Smaller commercial directories do not have the funds or means to promote natural search or use ‘pay per click’ within Google. The result is that searchable directories rarely appear above lead-generating sites who do have the funds to pay to be at the top of Google searches.

■ It may be possible for firms that do not offer a full advice service to be included on directories, and it is not always clear that this level of service does not carry the same level of protection (i.e. access to the Financial Ombudsman Service) as full advice.



2.3.6 Stakeholder views on current market solutions

As part of its review, the Money Advice Service asked industry and consumer representatives for their views on the current options for consumers in seeking a financial adviser.

Some adviser firms confirmed they were happy with the referrals they receive from directories, but some also felt they could not rely on existing directories for an adequate source of business leads.

Consumer groups all agreed that the consumer journey towards regulated financial advice needed attention and welcomed any move towards making this journey clearer and more concise for the consumer.

Many stakeholders from consumer groups and industry expressed the view that the Money Advice Service could do more to bridge the gap between guidance and regulated advice by better linking to a more targeted adviser community.

2.4 The Money Advice Service response to the review

During the review, some external stakeholders expressed the view that the Money Advice Service does not adequately communicate the value of advice to its customers and that the Service should be clearer on the difference between regulated financial advice and information or guidance.

To address these concerns, we will shortly be starting a review of our current guides and web content relating to financial advice (by which is meant ‘regulated financial advice’).

Where necessary, guides and content will be rewritten to give customers more specific information on what regulated financial advisers do; the difference between regulated financial advice and help/guidance; what they can lose when going the DIY route (i.e. consumer protection and the real gains they can make by taking advice, i.e. more choice, reassurance and peace of mind.

To complement the new content, a clear signpost to regulated financial advice will be needed.

A further proposal to come from the review was that the Money Advice Service should consider whether a new adviser directory might be required to facilitate good signposting of customers to regulated financial advice. This consultation document is a result of that proposal.

Consultation Question 1:

Do you agree there is a need to improve the customer journey towards regulated financial advice?



3.1 The pre-budget ‘at retirement’ marketEven prior to the 2014 Budget, the ‘at retirement’ market was one where the ability to access high-quality, regulated financial advice was crucial.

Government, regulators, industry and consumer bodies were all in agreement that this was an area of particular complexity for consumers, where one-off decisions are often made and where the wrong decision could lead to serious detriment. Additional factors that exacerbated the consumer need were 4:

■ the growth of so-called ‘non-advice’ sites where consumers could buy complex regulated products without the benefit of protected full advice – but believing they were receiving full advice5;

■ whilst there was evidence that more consumers had started to shop around for an annuity, over half still stayed with their own provider6.

3.2 The new Money Advice Service online retirement journeyFor the reasons given above, the Money Advice Service had, prior to the 2014 Budget, already started work on a new retirement journey for its customers to follow on its website. This is currently in development.

The new journey recognises there are several phases in the transition from working life to retirement and that retirement itself may be phased. The proposed journey takes the consumer through four distinct stages, although it is envisaged that consumers may not necessarily visit the stages in the order below and that they may visit one or more of the stages more than once.

Stage 1: Thinking about retirement – “Finding out where I stand”

Here, individuals can start to visualise the road ahead and find out what information they will need to help them make their decisions. They will be able to put together a ‘fuzzy’ projection of their estimated retirement income and how much they will be entitled to from the state. This section will also help consumers to consider the wider picture, i.e. what savings/debts they have and how this will fit into their retirement plan. Other questions for consumers in this section are: what budget do they think they will need in retirement and what position their partner/spouse will be in?

Stage 2: Preparing options for retirement – “Taking charge of my situation”

This section will help consumers to understand the importance of making the right decisions for their personal situation. It will guide people through their retirement options and the pros and cons of each – for example the implications of taking the whole pension pot as cash. There will also be more detailed guidance about how to find out how much your pension pots are worth, and directions as to how to get a state pension forecast. Consumers will be able to navigate through the complexities of retirement income products but keep momentum by being shown the positive impact decisions made now can have on their future.

Section 3: The wider policy context


4 Thematic Review of Annuities, FCA, February 2014 5 Research into online annuity quotation and purchase websites, Financial Services Consumer Panel, Sept 2013 6 Retirement choices: Basline to measure effectiveness of code of conduct, ABI, May 2013


Stage 3: Deciding on the best solution – “Getting the most out of financial advice”

This section will show consumers where to go for help and advice. This might be to a guidance session or to a regulated financial adviser. It will explain the importance of shopping around for the best solution and how to plan and prepare for both guidance and regulated advice sessions. It will show the value of getting help and taking advice and reassure consumers there is help available and they don’t have to take these decisions alone.

Stage 4: Transitioning to retirement – “Graduating to the next phase of my life”

Here consumers will have the opportunity to explore the other options for life in retirement, to set goals and ambitions for the coming months and to start considering what comes next, such as estate planning and long-term care funding. Consumers will be able to keep an eye on their budget here and adjust their plans if necessary.

There will be tools and articles within the new retirement journey to help people navigate and explore their options. Consumer will have the ability to save any information input so they can revisit their own journey time and time again. However, a crucial part of the new journey will be the ability to signpost customers to regulated financial advice where this is required in a simple, seamless way.

3.3. Budget 2014The proposals announced in the 2014 Budget relating to retirement income choices have put the need for access to high-quality retirement advice into even greater focus.

Prior to the Budget proposals there were limited choices available to those people with ‘small pots’. However, if the proposals contained in the 2014 Budget are adopted, pension pots of all sizes, even those below the national average, will be subject to a wider range of choices, including withdrawing the whole pot; leaving it invested and making an appropriate investment decision; buying an annuity, or entering into a drawdown arrangement.

Many people will need professional advice to help identify the right choice or product for them, taking into account their wider financial position and likely needs during retirement.

People have always had complex choices to make in the period coming up to retirement, but the changes proposed in the 2014 Budget would mean many more consumers will need to seek regulated financial advice at this crucial time in their lives.



3.4 Guidance guaranteeThe new guidance service proposed in the 2014 Budget will be there to help consumers face these choices and to explain the options available. Guidance will provide that crucial first step to take a consumer through the options available and provide information and help about those options. For many, though, it will only be a first step. Regulated financial advice will be required by many individuals if their chosen option is to:

■ buy an annuity

■ enter a drawdown arrangement

■ withdraw and invest the pension pot or

■ leave funds invested with existing provider

■ a combination of all four

Existing guidance services will confirm that often the most complex and difficult part of a guidance session is the ‘hand-off’ to regulated advice where this is needed.

Up to that point a competent and knowledgeable guide will be able to confidently lead a consumer along the path they need to take in order to explore the options before them and reach a general understanding of where their choices lie.

However, at some point in most sessions, the guide will have to enable the customer to complete the journey. If this enablement entails seeking regulated financial advice, it is crucial that consumers are referred on as appropriately and as seamlessly as possible.

If the journey starts to become fragmented or dis-jointed at that point, consumers could lose confidence in the guidance they have already received and may revert to the ‘safe’ option – i.e. do nothing or stay with their current provider. For the new guidance service to be a success it must involve the regulated advice community so that all consumers are able to complete a full retirement advice journey, with the appropriate consumer protection that regulation gives them.

3.5 Post-retirement adviceThe need to access high-quality regulated, financial advice doesn’t stop when an individual stops working. In fact the need for further advice during the post-retirement period, particularly at times of crisis such as the death of a partner or when ill health or care needs surface, is just as important - if not more so - than in the period leading up to retirement.

The new Care Act 2014 places a responsibility on local authorities to refer individuals to appropriate advice on funding needs. For this responsibility to be met there will need to be a clear signpost to appropriate advice that local authorities can use.

It is therefore suggested that the new directory could be extended to contain details of advisers who specialise in post-retirement advice such as long-term care planning and equity release.

Consultation Question 2:Do you agree any new directory should also include details of advisers who specialise in the post-retirement advice market?



Because more people than ever before will require regulated financial advice at the point of retirement and beyond, the Money Advice Service is proposing that a new, specialist, retirement adviser directory should be developed over the next few months so that it is available to individuals in good time for April 2015.

4.1 How would the directory work?The directory will contain contact details and information on regulated financial advisers who specialise in retirement planning. It will provide consumers with a streamlined, simple, mechanism to search for and choose a regulated financial adviser who can provide the advice they need. Any organisation providing guidance (as proposed in the 2014 Budget), can refer customers to the directory at the end of the guidance session, or access it on behalf of those customers without internet access.

All practicing, regulated, financial adviser firms that offer a full advice service and specialise in retirement advice would be invited to submit information for inclusion in the directory.

Name, address and contact details would, of course, be included, as well as the type of service provided by the firm/adviser i.e. face-to-face, telephone or web (Skype) service. .

In addition, the qualifications and specialisms held by advisers would be included in the information provided to consumers.

Information on fees and charges will be included in the directory to give consumers a much clearer idea of the cost for a given service. However, we would be interested to hear views on how best this information might be collected and presented to consumers.

Advisers would not pay to be entered in the directory, which means consumers would receive a full list of advisers who met their needs. Consumers would be able to search by post code, and/or type of service offered i.e. telephone, face-to-face or Skype. They would also be able to search by the type of advice they require, i.e. pre-retirement planning or perhaps long term care funding or equity release.

A host organisation would need to develop the directory and pay for its maintenance and governance on an ongoing basis. Further work will be required to scope out the process and provide full costings for the service, but subject to the outcome of this additional work, the Money Advice Service is prepared to be the host organisation, provided stakeholders agree this would be a suitable use of its funds.

Once established, the directory would be available to any organisation that wished to link to it and in particular it should be available to those offering the new guidance service.

As highlighted in paragraph 3.5 the directory could potentially also be used by local authorities to fulfil their commitment under the new Care Act 2014 to refer consumers requiring help with long term care funding to financial advice.

Section 4: A new retirement adviser directory



4.2 Criteria for entryWe propose that advisers would need to satisfy some specified criteria before being included onto the directory, but that these criteria should be agreed by an independent panel of industry and consumer representatives. The overarching aims of the criteria would be to ensure that:

■ all customers would be provided with advice irrespective of size of pension pot i.e. no ‘wealth limit’

■ comparison between firms would be facilitated through the provision of information in a standard format (including fees and charges); and

■ all advisers listed in the directory had an appropriate specialism in retirement planning for example this might be because a certain level of businesss is conducted within the retirement planning area, or advisers may hold additional qualifications in that area or have an existing accreditation such as the Society of Later Life Advisers (SOLLA).

However, exact criteria would be agreed by the independent panel.

We envisage that representatives from the main consumer organisations and financial adviser professional and trade bodies would be invited to be members of the independent panel.

The Money Advice Service would provide support to the panel.

By prescribing certain criteria for entry to the directory, it is not the intention to add an additional layer of regulation to firms’ or advisers’ activities. Rather, that consumers using the directory can be assured that firms and advisers have a particular commitment to this area of financial advice and specialise in it.

4.3 On-going governance and maintenanceThere would need to be on-going maintenance and verification of the information held on the directory to ensure that only advisers who had a current, valid, registration were included.

Collection, storing and data feeding of this nature as well as verification, is a specialised activity and we therefore suggest that data feeds of adviser contact details, maintenance and verification services should be outsourced and paid for by the host organisation.

Suitable and experienced organisations would be invited to tender for these services.



Consultation Question 3:Do you agree that a new retirement adviser directory might provide a solution for consumers needing regulated retirement advice?

Consultation Question 4:Do you agree that information regarding fees should be included in the directory?

Consultation Question 5:If so, do you have any views as to how this might be presented to consumers? For example, should there be a ‘menu’ or list of services with average or approximate costs given for each service?

Consultation Question 6:As well as contact details, qualifications and expertise, type of service offered and fees charged is there any other information you think the directory should include on the adviser firm or individual advisers?

Consultation Question 7:Do you agree that an independent panel should decide upon the entry criteria for the adviser directory?

Consultation Question 8:Do you agree that the main consumer and adviser professional bodies should be invited to join the independent panel? If so, can you suggest the particular bodies you feel should be invited to be members of the panel?

Consultation Question 9:Do you agree that the Money Advice Service should host the directory?

Consultation Question 10:If not, is there another organisation you feel should host the directory?

Consultation Question 11:Do you agree that data management and verification plus on-going maintenance should be outsourced to a suitable organisation and paid for by the host organisation?

Consultation Question 12:Do you have any suggestions as to which organisations should be invited to tender for the data management and verification services?



5.1 Benefits of a new directory – the customer perspectiveAs we have shown earlier, the current journey to find a financial adviser can, for some, be confusing, disjointed and discouraging.

A simpler journeyA single, specialist retirement adviser directory would provide consumers with a simpler journey to a more targeted offering of advisers. They could be sure that the adviser they ultimately choose to consult would be able to offer them the advice they need and would also feel confident that a full list of all advisers that meet their specific needs had been presented to them.

Finding the right serviceConsumers would be able to search for an adviser who gives telephone or face-to-face advice, or even through web services such as Skype. In addition they would be able to search for an adviser who specialises in either pre- or post-retirement planning.

At the right priceAdvisers would be asked to provide example costs for specific services (for example, for advising on the different decumulation options and implementing the chosen option). This information could provide not just much needed transparency to consumers on the costs they might incur with different advisers, but also the means of assessing whether the service offered is affordable and provides value for money.

Easy to compareBecause advisers would be asked to supply information about their services in a standard format, it should be easier for consumers to compare firms and advisers.

A bridge from guidance to adviceA new, independent, directory which invites participation from all retirement advisers working in the retirement advice market could provide a crucial bridge from the new guidance service to regulated financial advice, presenting a seamless and simple transition. However, because there would be a specific ‘hand-off’, consumers would be clear when they were leaving guidance and when they were entering regulated advice and what implications that held for them.

It should also be an essential part of any guidance session to explain what a regulated financial adviser does, why this is different to guidance and how to find one. The existence of one, single, point of referral will make the guidance hand-off a much cleaner and simpler process.

Having a clear journey will help with people’s attitude to financial advice and motivate them to take action since they would be able to access advice easily and safely. In turn this would improve their financial capability.

Section 5: Benefits of a new directory



5.2 Benefits of a new directory – the adviser perspectiveFirms or advisers who wish to be included in the directory would receive leads without having to pay to be on a directory and without marketing costs.

Subject to the criteria laid down by the independent panel, it is envisaged that only firms offering a full advice service would be invited to join the directory. This would remove the concern of the Financial Conduct Authority, consumer groups and the industry that some consumers are purchasing regulated products without receiving regulated advice, but are unaware of the consequences of this action.

Firms/advisers would benefit from any targeted marketing that the host organisation decided to conduct to promote the directory, thereby driving volume, which might lead to more targeted, simpler (and ultimately cheaper) processes.

Other consumer organisations would link to the directory, thereby increasing volume further.

The creation of a single definitive directory in this area has the capacity to reduce duplication and overheads associated with running multiple directories/referral services.

5.3 Summary Consumers using the new directory would be reassured that all advisers returned in the search would be:

■ specialists in retirement advice

■ willing to deal with them irrespective of the size of their pot; and

■ on the Financial Conduct Authority’s Register and have the necessary qualifications to provide regulated financial advice in the retirement advice market

Consumers would also:

■ be able to compare costs against service offered in a standard format; and

■ know that the directory is provided on a non-commercial basis by a trusted, unbiased, service

Advisers listed in the directory would benefit from:

■ advertising and marketing the host organisation conducts

■ additional leads generated by other sites linking to the directory

■ association with a known and trusted brand; and

■ more informed, empowered, consumers who have already taken steps towards seeking financial advice and have a good knowledge of the type of advice they need

Consultation Question 13:Are there any other benefits to consumers or advisers in establishing a new directory?

Consultation Question 14:Are there any disadvantages of establishing a new directory that we have not envisaged?



Annex I: List of consultation questions

The Money Advice Service is keen to gather views on these proposals from across the sector. Please consider and provide a response to the following questions by no later than 5pm on Friday 11 July 2014. Please use the relevant numbering when submitting your response.

Consultation Question 1:Do you agree there is a need to improve the customer journey towards regulated financial advice?

Consultation Question 2:Do you agree any new directory should also include details of advisers who specialise in the post-retirement advice market?

Consultation Question 3:Do you agree that a new retirement adviser directory might provide a solution for those consumers needing regulated retirement advice?

Consultation Question 4:Do you agree that information regarding fees should be included in the directory?

Consultation Question 5:If so, do you have any views as to how this might be presented to consumers? For example, should there be a ‘menu’ or list of services with average or approximate costs given for each service?

Consultation Question 6:As well as contact details, qualifications and expertise, type of service offered and fees charged, is there any other information you think the directory should include on the adviser firm or individual advisers?

Consultation Question 7:Do you agree that an independent panel should decide on the entry criteria for the adviser directory?

Consultation Question 8:Do you agree that the main consumer and adviser professional bodies should be invited to join the independent panel? If so, can you suggest the particular bodies you feel should be invited to be members of the panel?



Consultation Question 9:Do you agree that the Money Advice Service should host the directory?

Consultation Question 10:If not, is there another organisation you feel should host the directory?

Consultation Question 11:Do you agree that data management and verification plus on-going maintenance should be outsourced to a suitable organisation and paid for by the host organisation?

Consultation Question 12:Do you have any suggestions as to which organisations should be invited to tender for the data management and verification services?

Consultation Question 13:Are there any other benefits to consumers or advisers in establishing a new directory?

Consultation Question 14:Are there any disadvantages of establishing a new directory that we have not envisaged?



Annex II: Consultation process

This consultation paper can be found on the Money Advice Service website at

moneyadviceservice.org.uk/en/static/publications

You can respond either by email or by post

Respond by email

Please submit your response to [email protected]

Respond by post

Please submit your response to:

Rosie Clarke Money Advice Service, 5th Floor, 120 Holborn, London, EC1N 2TD

Please submit your response by 5pm on Friday 11 July, 2014

Annex II: Consultation process

https://www.moneyadviceservice.org.uk/en/static/publications

mailto:mailto:%20consultation%40moneyadviceservice.org.uk%20?subject=Consulation%20response%20to%3A%20Proposal%20for%20a%20retirement%20adviser%20directory%20

Money Advice Service Holborn Centre 120 Holborn London EC1N 2TD © Money Advice Service June 2014 moneyadviceservice.org.uk

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