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Do we need two pension regulators?

Money Marketing round table guests ask: What next for pension reform?

Standard Life suggests that pension regulation should be split to give The Pensions Regulator responsibility for final-salary scheme funding and the FSA responsibility for conduct of business of pension schemes.

During Money Marketing’s What Next for Pension Reform round table last week, Hargreaves Lansdown head of pensions research Tom McPhail said it was “increasingly questionable” whether the UK needed two pension regulators.

He said: “The remits of the FSA and TPR are moving closer and auto-enrolment will accelerate that because you will have qualified workplace schemes and Nest sitting next to each other.

“TPR has done a lot of good work but it is increasingly questionable whether we should have two separate regulators.”

But Standard Life head of pensions policy John Lawson said the two should remain independent but the roles should be defined by function rather than scope.

He said: “Is the natural route not to put prudential regulation in one place and conduct of business in another? Maybe TPR should have the responsibility of making sure defined-benefit schemes are properly funded and the conduct of business sits with the FSA.”

Cicero Consulting director Iain Anderson said such changes are not yet on the Conservatives’ agenda.

He said: “It is difficult enough to dismantle and reform the tripartite arrangements and that is what they are primarily focused on, if they win power.

“But we might find some changes taking place in the Whitehall architecture and maybe those satellites then come together.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Incompetent Regulators Awards Team 25th February 2010 at 4:46 pm

    Just when we think we are over-regulated someone suggests another regulator. Yeh, why not lets have a few more quangos as they seem to be really useful and do a really good job in regulating!!!!

  2. Why not six regulators. We have over 2.5m unemployed, so we have to have something for them to do.
    And there is no evidence that they are not at least as qualified as the existing incumbents.
    And why not have Regulators of the Regulators? You can put my name down for that one.

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