V-FM Pensions #153: WPS Advisory's Simon Chrystal returns

In this episode of V-FM Pensions hosts Darren and Nico chat to Simon Chrystal, CEO of WPS Advisory. Simon's been on the pod before and we wanted to get him back on to talk about the evolution of his advisory business and some of the interesting stuff he is doing with the rollout of his LifeStage app.

Simon reframes value for money as a practical, human outcome improving people’s lives rather than a technical or regulatory metric. He argues the proposed framework overcomplicates what should be common sense, reflecting a wider issue: the pensions industry has failed to lead innovation despite a decades-long shift toward individual financial responsibility, leaving regulators to fill the gap.

Drawing on WPS Advisory’s experience Simon highlights both the scale of demand for advice and the barriers created by regulation. He points to rising PI insurance costs, commercial pressure from some quarters to compromise standards in DB transfers, and FCA data showing around 600,000 consumers losing ongoing advice over two years as evidence of an industry under strain and increasingly unable to serve consumers effectively.

Using data from the LifeStage Money app, he shows people want control over day-to-day finances first, with tight budgets and property dominating wealth, and making the case that VFM frameworks must start with real consumer needs, not assumptions.