Comment from Steven Cameron, Pensions Director at Aegon, said:
“The inclusion of the Financial Services Bill, coupled with the Brexit Freedoms Bill, in the Queen’s Speech paves the way for helpful changes to how financial services are regulated and in turn the services firms can offer to customers.
“As we face the cost of living crisis, individuals will need more support than ever to make the most of their finances. Many already benefit from financial advice, but for some this may be disproportionately expensive. Current rules make it very difficult for firms to offer anything between generic information and full regulated advice. As we adjust to a UK outside of the EU, there’s an opportunity to move away from EU regulations and open up new forms of support, allowing the financial services industry to help more people. We’re strongly in favour of regulated firms being able to offer a more personalised form of guidance, which would nudge them in a positive direction, acting in their interest, without recommending any specific product.
“Helping customers with the cost of living squeeze is at the heart of the Government’s agenda. Changing regulations to allow new forms of support in managing finances and financial futures would be a big help here, with the added benefit of having zero cost to Government.”