Consultation on employer-provided financial advice

A consultation launched alongside the Budget is proposing more freedom for employers to advise staff on work-related financial services.

Employers are currently exempt from financial promotions legislation, with regard to advising on pension schemes.

The consultation document proposes extending this exemption to include pensions advice from third-party administrators of stakeholder and group personal pension plans, and healthcare insurances such as income protection and group life cover. The consultation ends on 14 June.