But former pension minister Ros Altmann argued: “More and more people are being scammed, many customers are buying over-priced products and the take-up of free guidance has been low.”
So it is convenience against protection.
The House of Lords' amendment to the Financial Guidance and Claims Bill would have provided a further nudge towards making sure every aspect of what could be a life-changing decision had been considered. But members could alter appointments or simply choose to cancel them and not take up guidance.
The Commons amendment that over-ruled this is little change to the status quo, with people being asked whether they wish to wait until they have received guidance or advice before accessing their pot and transferring.
That may not be enough.
I was recently contacted by someone who appears to have lost his pension worth almost a quarter of a million pounds to a scam.
Auto-enrolling into free guidance might not stop people from making bad decisions, but surely we should embrace any change that can help thwart scammers and protect pensions.
Scared of dodgy products
The FCA has warned that although lenders are writing to customers who have interest-only mortgages, consumer engagement is low.
Should we be surprised that people are reluctant to contact their bank when it probably flogged them the failing endowment that went with their mortgage?
They are probably still scared stiff of being sold the latest dodgy product. Interest-rate swaps anyone?
For some I suspect the only solution will be to go directly from a normal mortgage to a lifetime mortgage. That will not be a disaster as long as the industry is innovative and the regulator supportive.
Tony Hazell writes for the Daily Mail's Money Mail section
