Every business should consider hiring a financial adviser for its staff, according to pensions minister Guy Opperman.
Speaking at the Pensions and Lifetime Savings Association (PLSA) conference in Manchester, Opperman said he visited a pottery business in Stoke where the employer brought in an IFA to provide advice to its employees.
Opperman, who also holds the title of minister for financial inclusion, welcomed this idea saying it was a ‘massive addition’ to the company.
‘I am stunned and amazed at how little organisations in all aspects of financial services, don’t give financial capability and advice to their employees. My role is also to nudge, encourage and applaud the impressive pottery business in Stoke which brings in a financial adviser and has done for many years,’ he said.
‘There aren’t many companies who do that for free as part of their HR. Trying to change the behaviour not just of the wider public but also to get every business to look in the mirror and ask if it is doing everything it should be on those issues – it is my job as minister of financial inclusion to try and encourage people to do that.’
In the same speech Opperman confirmed the pensions dashboard‘ will definitely go ahead’ under the leadership of the Department for Work and Pensions.
‘A well-designed and thought through pensions dashboard has the potential to enhance consumer engagement and help people make better decisions,’ he said.
‘However, the needs of the consumer must be at the heart of any design – we want to maximise people’s engagement in their pensions while maintaining their trust. We will ensure that consumer interests are properly safeguarded and their information protected.’