Wealth manager and platform Quilter says the ‘stronger nudge’ towards pensions guidance, introduced a year ago, has so far produced “lacklustre” results and needs to be beefed up.

Towards the end of last year the FCA published its much-delayed consultation on non-workplace pensions. The consultation proposes two major changes – the first relates to default investments and the second to cash warnings.

Back in May I talked about the FCA’s proposal to get more people using Pension Wise guidance before they accessed their pension. My point then was that the timing of the “nudge” was all wrong – when an individual contacts their provider to access their pension, they have already made their mind up what they want to do.