FCA announces consultation on Guidance Guarantee reforms
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
If you'd like to read the FCA's consultation paper in full, please click here.