The Institute of Financial Planning has backed a new directory of retirement advisers set up by the Money Advice Service.
The MAS has been drawing up plans since early this year and has today released more details about the criteria advisers will have to meet to be included.
Firms listed in the directory will be asked to commit to providing an initial no obligation meeting either by phone or face-to-face, for all customers approaching them through the directory.
Through a filtering process "every effort will be made to match customers with firms that are able to provide them with the service they need".
The MAS said this meant those with small pension pots will be matched to firms who have indicated they will deal with clients of any wealth limit.

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Steve Gazzard CFPCM, chief executive of the IFP, said: "The new retirement adviser directory is a great opportunity for firms to share their expertise, regardless of commercial goals, and will be critical in helping people to understand when they need regulated advice."
He said: "There is a common misconception that you have to be rich to benefit from financial advice, and that all financial advisers only make time for wealthy clients.
"However this could not be further from the truth and there has never been a greater opportunity for everyone to plan their finances properly."
The directory aims to make it easier for consumers to find a regulated financial adviser specialising in retirement planning after the government's pensions reforms come into force in April.
The criteria agreed by the majority of an independent panel made up of consumer and industry representatives, are as follows:

• Financial advisers on the directory must have the ability to provide regulated financial advice in either the 'at retirement' or 'post retirement' market. Advisers may concentrate on either or both areas.

• Financial advisers on the directory will offer, as their primary business model, regulated advice. This can be full, focused or simplified advice, but at all times will include a personal recommendation which must be appropriate to the individual client's needs (in line with the FCA definition of regulated advice). Advice must be covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme.

• As well as firms classified as 'independent', firms with 'restricted' status due to the fact they have chosen to focus on a particular market (relevant to retirement planning) will be permitted entry to the directory. Any firm with restricted status will be asked to confirm that its advisers will consider all available providers within the market they have chosen to focus on.

The panel acknowledged that including information on fees and charges is "highly desirable" but more work would be needed to ensure information provided is "accurate, meaningful and of real benefit to consumers".
This work will continue after the directory is launched, it said. Firms will be provided with details of how to register for the directory early in the new year.

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