Work around the advice-guidance boundary has been constructive throughout, says Ben Hampton.
The chief executive of Wealth Wizards and member of the industry working group consulting on the review says the regulator and government have been attentive throughout the process, making it an enjoyable project to work on.
But he admits there have been moments when they needed to be guided towards "what matters" and hinted the eventual timeline of reforms could be adapted to allow some changes to be made quicker than others.
The first proposal in particular, defining the advice-guidance boundary, runs the risk of being a distraction at this point in time, he notes.
"The regulator and the Treasury are really, really listening," he says.
"It'd be fair to say the second proposal, targeted support, is probably where the action's at. That's the bit where there's probably the most consensus of significant change."
Simplified advice, on the other hand, might see some more work around decumulation, something that has been absent from the initial proposals, Hampton suggests.
To hear more about the group's work and what's in store for decumulation, click on the image above.
Please note: Throughout this interview the advice-guidance review has been referred to as a consultation. It is not a consultation in the regulatory sense, the work is currently at the feedback stage and will enter regulatory consultation thereafter.
carmen.reichman@ft.com
