The Pension Fund Regulatory and Development Authority (PFRDA) has notified the new Retirement Adviser Regulations to simplify eligibility criteria and expedite the registration process, removing the requirement of security deposits. The aim is to enhance the ease of doing business in the pension sector.
The amended regulations now allow non-individual applicants regulated by other financial regulators, eliminate the need for security deposits, and require applications to be disposed of within 30 days. These changes are part of an effort to streamline the process and reduce the burden on retirees seeking advice.
According to PFRDA, these simplifications align with the Union Budget 2023-24 announcements to review regulations to reduce compliance costs and improve the business environment. Further details on the amended regulations can be found on the PFRDA website. This move is expected to benefit both retirement advisers and pensioners looking for financial guidance.
