Pension providers are failing to signpost consumers toward financial advice, VouchedFor has found.
A study looking at 15 major pension providers found only three signposted consumers toward a financial adviser directory on their main website page about advice.
Three providers promoted their own advice services as the dominant option while one promoted it alongside external sources of help.
Adam Price, founder of VouchedFor said this was not "the right outcome for consumers".
He said: “As an industry, we’re not helping consumers understand that guidance and advice exist as two separate options, each of which will be right for different people.”
The study also found eight out of 15 pension providers signposted consumers toward government guidance services such as Money Helper and PensionWise.
Additionally, 39 per cent of pages on pension provider websites still mention Unbiased - no longer a trade-body - which now focuses more on consumer-matching services rather than helping consumers find advisers.
VouchedFor said this demonstrates how signposting strategies have shifted as it plans to "ramp up" its engagement with providers.
VouchedFor provides reviews on a wide range of services, including financial advisers, mortgage advisers, solicitors, and accountants.
Earlier this month (January 3) VouchedFor introduced new product features and said it would launch a consumer advertising campaign, as part of three ‘pledges’ made to the advice profession.
The three pledges comprised of delivering greater value to VouchedFor members, improving consumer access to advice and championing the value of advice in consumer media.
alina.khan@ft.com
