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APFA calls for assurance of fair funding model for new pensions guidance body


The Association of Professional Financial Advisers (APFA) has published its response to HM Treasury’s Public Financial Guidance Review consultation.

APFA welcomes the government’s plan to restructure the delivery of public financial guidance and sees the creation of a new pensions’ guidance body, incorporating functions currently provided by TPAS, Pension Wise and MAS, as a step in the right direction.
However, APFA believes it essential that government provides assurance that there will be costs savings in the running of the new body and that all those that supported the previous bodies continue to provide funding for the new body. The burden should not fall solely on FCA regulated entities.

Chris Hannant, Director General of APFA, says: ‘We welcome the creation of this new pensions’ body, as having all pension information from a single source will bring clarity and consistency for consumers and also generate efficiencies and cost-effectiveness. There was a need to streamline delivery that was becoming confused.  The revised remit for MAS should remove duplication and bring greater focus on value for money in delivery.

‘However, we lack clarity on funding. Part of the government’s rationale was to make cost savings and we would like assurances that the new set-up will lead to future reductions in the cost of public financial guidance. The funding model for the new pension body must be fair with contributions from all those that are likely to benefit – this should include those that are not regulated by the FCA.’

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