Trustees are unsatisfied and suspicious of advisers’ behaviour, according to a poll carried out by pensions adviser Hamish Wilson.
The poll revealed that only 45% of trustees are satisfied advisers are not feeding them a subjective view, while 85% of trustees believe the best decisions are made by themselves.
Hamish Wilson suggests that these results show consultants are not given free rein and the advice they are giving on pension funds is constrained.
Almost half (47%) of trustees feel that advisers often try and sell them ‘flavour of the month’ or fashionable products and solutions which may not necessarily be appropriate for their particular pensions scheme.
Hamish Wilson, partner at the firm, said: “The survey broadly reveals trustees have faith in their own decision-making capabilities, which supports the conjecture that the new regulatory requirements for trustee knowledge and understanding (TKU) have been successful in this area.
“However, more troubling is the suggestion trustees have reservations about the advice they are receiving and in particular whether this is given in their interests or those of their advisors. It raises a question mark over whether this is understood by trustees more widely, as the sample by definition is likely to be more engaged than the average board.”
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