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&#39Pensions Act to stop another Maxwell&#39

Scrapping all pension legislation and replacing it with a single simplified Pensions Act will reduce the chance of the industry being hit by another Maxwell-type scandal, according to Pickering.

Calling for a proportionate regulatory framework, Pickering indicated that he sees today&#39s procedures for regulating pensions as too expensive to adviser, providers and ultimately consumers.

Pickering says he wants a future single Pensions Act based on general principles of reasonableness rather than lengthy detailed prescription of every possible issue the legislator thinks could arise.

His report calls for a regime where professionals back their judgement rather than following detailed codes of practice and guidance notes.

Pickering says: “We are all paying the price of the Maxwell scandal several times over. I want a regulatory system that is far more proportionate. At present, it costs money and gets in the way of consumer protection. If there was another Maxwell around the corner, he would be able to hide under a mountain of red tape.”


Call for less red tape and cheaper pensions

Removing layers of red tape, rationalising the number of products on the market and making pensions cheaper for employers are at the centre of Alan Pickering&#39s regulatory overhaul.Pickering hopes his plans to remove the obligation for employers to offer spouse benefits and to link benefits to inflation will cut the cost of offering final-salary schemes.His […]

Look at World Leaders with Norwich Union

Norwich Union – World Leaders Fund Type: Oeic Aim: Growth by investing in global equities Minimum investment: Lump sum £1,000, monthly £50, Isa lump sum £500, monthly £50 Investment split: US 40%, UK 20%, Europe 30%, Japan 7%, other 3% Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5% Commission: Initial 3%, renewal […]

Concerns at lack of advice – Winterthur Life

Winterthur Life welcomes the key points in the Sandler report but has expresses concern over proposals to promote products without advice.It says having actively supported the conceptof IFAs charging fees for advice, it has given the thumbs up to separating payment for financial advice from payment for a product sale.The firm also endorses the importance […]

LSE shuns equities for its own pension scheme

The London Stock Exchange is itself avoiding the equity markets by transferring its own pension scheme is to move out of equities in favour of fixed interest. Speaking at its AGM last friday LSE chairman Don Cruickshank accepted the decision was ironic. The closed fund will gradually sell the remaining 25 per cent in equities. […]

Artemis Global Income: Making sense of global markets

The rally in cyclical ‘value’ stocks paused for breath in February, as investors took a more cautious tone and switched their attention back to defensive areas. In this article, Jacob de Tusch-Lec, manager of the Artemis Global Income Fund, explains how he has positioned the portfolio, given the many economic, geopolitical and policy risks that […]


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