Since the pension reforms, the market has seen impressive product innovation, providing more choice for clients.
This should continue as no one wants to see legacy products that aren’t fit for purpose; something the consumer duty should bring into focus for providers.
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We cannot stand still.
It is paramount to keep a firm finger on the pulse when it comes to how products adapt to meet the changing needs of clients, regulatory developments, and market conditions.
The industry should aim to make it easier for advisers to move their clients to potentially more cost-effective, suitable product wrappers. Hopefully the consumer duty will help do this.
Jo Rigby is technical director at Tenet
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