Allowing the new pensions guidance service to be delivered by people who are not regulated advisers has been labelled as akin to replacing GPs with St John's Ambulance volunteers.

Kay Ingram, director of individual savings and investments at national IFA LEBC Group, is unimpressed with the set up of the service, which is a key plank in the Government's reforms.
The FCA has announced that financial advisers will have to pay less than originally proposed for funding the new pensions guidance service – but despite that Ms Ingram has cast doubt over what it can offer consumers.

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The regulator said yesterday advisers will receive a 50% reduction after accepting the argument that advisers would be less likely to benefit from the service.
Ms Ingram said: "Whether this represented value to consumers or not is still questionable as it is still not clear what the benefits to the consumer will be of discussing their options with unregulated, unqualified and unindemnified guidance givers.
"I am sure that organisations tasked with giving guidance have the best of intentions, but so do first aiders. No one would dream of replacing GPs with St John's Ambulance volunteers and asking GP practices to foot the bill, so why should unqualified, unregulated individuals who will take no responsibility for the consequences of their guidance be paid for by the regulated advice sector's clients?
"We know how complex and important these decisions are. We accept that not everyone may not feel able to pay for their own advice, but the regulated advice community is willing to offer a lot of expertise in designing and delivering general education to the public which would then help them decide whether they needed advice or not and if so what to focus on.
"Guidance givers who do not have the experience, technical knowledge and ability to put solutions into practice cannot offer the same benefits to the public. Whatever the cost and whoever pays it, without input from professional advisers, the scope for the guidance to be misunderstood or just not acted on is huge."
Initially the FCA said the A13 funding block comprising advisory arrangers, dealers or brokers would pay 30% but this has been altered to 12%.
The move follows a consultation. In its report the FCA said: "We accept the point made by respondents that financial advisers will only benefit if, following using the pensions guidance service, consumers seek advice from regulated financial advisers.
"We also accept that it is clearer that 'product providers' in the other fee-blocks are more likely to benefit as the monies (if used for investment) released through greater pension flexibility will be distributed amongst them."

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