Written by Pensions Age
Pension illustration tools, used by customers to estimate the value of their pension investments may be confusing customers because of inconsistencies, according to Altus Consulting. Consultants at the firm took an average salary of a person earning £29,360 with existing savings of £37,400 at age 42 with pension contributions of 9.4 per cent from their salary. The firm used a selection of the top insurance and wealth management companies, including the Money Advice Service to calculate what the person is likely to get at the point of retirement.
In a sector with so much complexity, to what extent is RegTech solving the real compliance issues facing financial services?
Half of the companies in the first wave of the Financial Conduct Authority's advice unit have either launched a low-cost advice service or will be doing so imminently.
Over the last ten years it has become increasingly possible to turn bright technology ideas into smooth, working, scalable solutions, writes founding director of Altus, Kevin Okell.