When the Chancellor announced a new “at retirement face-to face guidance service” in the Budget it would be easy for those of us in financial services to conclude that this was another bit of Government intrusion onto “our turf”.
But we are not alone.
Reforms to the family justice system will see the introduction of compulsory information sessions for divorcing couples before they go to court.
This will ensure that couples at least consider mediation before they can go to court.
The similarities of the two guidance systems seem strong to me. They are both about people avoiding expensive mistakes.
In the case of the at retirement choices and options, making the wrong decision can be a costly mistake that will last for life.
Divorce is not a inexpensive experience either so hopefully people will be given an opportunity to consider the cheaper option of mediation.
Apparently the average cost of mediation is £500 per person compared with £4,000 per person if the case goes to court.
With half of divorcing couples going to court without legal representation and with a substantial number of pension plan holders not seeks independent financial advice I wonder what other areas the Government is considering introducing guidance services?
