The Chartered Institute for Securities & Investment’s (CISI) financial planning and wealth management members have responded positively to Government plans to introduce a pensions dashboard. However they are keen for transparency at the outset regarding any new proposed costs to the advice community the new dashboard may have.
In responding* to the consultation paper, CISI members supported the view of other membership bodies that it is important that there should be only a single dashboard to ensure that consumers are not confused by several potential offerings and that they can feel confident to rely upon the information contained in a single central dashboard.
An additional area of concern expressed by the CISI Certified Financial Planners and Wealth Managers is over who will pay for the setting up and maintenance of the dashboard, particularly given the increasing calls on the financial resources of the profession.
Simon Culhane, Chartered FCSI and CISI chief executive commented: “The experience of Australia and America has demonstrated the benefits and greater awareness for consumers of their biggest asset, which is especially important given our increased longevity and the need to make our money last longer.”
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*The full CISI response is here