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&#39Regulation of GPPs needs to be tidied up&#39

Many IFAs do not have sufficient specialism to deal with corporate pensions and there is a need to tidy up the regulation of group personal pensions, according to the Pickering report.

Pickering is also calling for a “new kind of regulator” to police the way that IFAs deal with occupational pensions and the way that group personal pension schemes are treated.

His report raises the question of whether G60 should become mandatory for IFAs working in these areas.

While some IFAs and providers have supported his call for a new regulatory body which would replace the Occupational Pensions Regulatory Authority, others point out a single regulator which would combine Opra&#39s and the FSA&#39s roles would be less confusing to the public.

Pickering says: “Opra reports that small fully insured schemes have IFA involvement and that trus-tees of these schemes rely heavily on their IFAs.

“Opra also reports that the standards of some advisers fall below what is required to ensure that trustees of these schemes are fully compliant with legislation.”

Syndaxi Financial Planning principal Robert Reid says: “Pickering is hinting that we need to tidy up the regulation of group personal pensions and suggesting that IFAs&#39 specialism is not high enough. Is he suggesting that at least G60 is required for corporate pensions advice? He needs to take a look at how many advisers have G60.”

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