FCA announces consultation on Guidance Guarantee reforms

21 July 2014

Today the Financial Conduct Authority (FCA) released its consultation to retirement reforms and Guidance Guarantee.  Here at TPAS, we welcome the commitment to a deliver a high quality service to the public and, see the consultation paper as a sensible start to shaping the guidance guarantee service. Available for soon to be retirees by April 2015.

A summary of key elements included in the FCA consultation paper

In their consultation, the FCA is proposing a suite of principles-based standards, for those delivering the Guidance Guarantee.  The standards aim to ensure that the guaranteed guidance is impartial, consistent, of high quality and is engaging across a range of delivery channels.

The proposed standards cover areas such as:

What the conversation will include
What consumers will need to think about before they have the guidance session
The expertise and monitoring processes that will be in place, to ensure that the service provided is of a high quality