Royal London CEO: We need a 'new form' of advice after Budget pensions move

Royal London Group chief executive Phil Loney has called on the industry and regulator to come up with a "new form of advice" to service those at point of retirement and meet the challenge set by the Chancellor.

He criticised attempts, most recently by the Financial Conduct Authority (FCA), to "water down" the Chancellor's 'right to advice' pledge announced in Budget 2014, saying a 'guidance' or 'conversation' approach was "far too timid an option to achieve the Chancellor's vision for the market". In his Budget 2014 speech George Osborne opened up the retirement market to all retireees while guaranteeing the right to free impartial advice for all at point of retirement. The FCA confirmed on Tuesday the Chancellor's right to advice would be guidance only, not regulated financial advice. Lo...