View more on these topics

Govt rules out FSA/TPR merger

Steve Webb 480 NAPF 2012

Pensions minister Steve Webb has ruled out merging the roles of The Pensions Regu­lator and the FSA due to concerns that further regulatory upheaval could create uncertainty.

The Government has come under growing pressure from some in the industry, inclu­ding the National Association of Pension Funds, to combine the FSA and TPR to prevent any overlap in their regulatory duties.

In July 2012, the National Audit Office published a report into the regulation of defined contribution pension schemes. In it, the NAO criticised the lack of co-ordination between the two regulators.

Following publication of the report, Hargreaves Lansdown head of pensions research Tom McPhail said there was a “burgeoning case” for merging the regulatory activities of the FSA and TPR.

Addressing the work andpensions select committee last week, Webb said: “At a time of massive turmoil the last thing we want is another regulatory shake-up.

“There is also a risk that if The Pensions Regulator became part of the [new] Financial Conduct Authority, the organisation whichfocuses on employers might get swallowed up and the TPR’s work might become a lower priority.

“At the moment I just cannot see the gain in doing it and I would need a lot of convincing to change my view.”

Informed Choice managing director Martin Bamford says: “This is good news because the last thing anyone wants is more regulatory uncertainty.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm