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Grasp nettle of reform – Consumers Association

The Government should &#39grasp the nettle&#39 and prevent pensions policy becoming a short-term political football, according to the Consumers&#39 Association response to the Pickering report.

The CA believe consumers are not saving because they are faced with a complex and inflexible system of products that are far too confusing.

Consumers&#39 Association director, Sheila McKechnie said: “These recommendations provide the Government with a golden opportunity to modify the pension system to meet the customer needs and to motivate consumers to make provision for their futures.

“Now the government needs to grasp the nettle to avoid future generations picking up the tab for today&#39s mistakes.”

The CA&#39s latest figures show that nearly half the UK&#39s workforce is not contributing to a pension scheme and they say this is because consumers are faced with poor products, bad advice and failed regulation.

They believe the Pickering review paves the way for the simplification and integration of the pension provision.

Sheila McKechnie said: “If taken forward Pickering&#39s proposals should allow for a more flexible system, which allows for today&#39s consumers who change jobs more regularly and have rapidly changing lifestyles.”

The CA does not believe the Sandler and Pickering reviews alone can solve the crisis, and want to see the government back up its promises by developing a co-ordinated pensions strategy that tackles compulsion head on.


Sandler: IFA response

Torquil ClarkThe idea of decision trees without full advice, for products dispensed by unqualified individuals, could prove unworkable in today&#39s complaints culture. Without full record keeping, there is no background information on which to justify advice. RJ TempleThe main concern is that advice and the long-standing principle of suitability appear to be sidelined. While consumer […]

IMA calls for Euro fund standards

The Investment Management Association has urged European regulators and fund management companies to introduce a common accounting standard for investment funds.Deputy chief executive Sheila Nicoll says investors would benefit if European firms adopted a standard approach to fund reporting and information.She says: “Would it not be a major step forward for our investors if we […]

New contracting-out regime proposed by Pickering

Pickering’s report says current contracting out rules are too complex and a contributory factor to the switch to defined contribution schemes.The report focuses on complexity around Guaranteed Minimum Pensions which it says makes it difficult for people to understand their overall pensions rights.Pickering proposes: The choice of vehicle and form of benefit bought with protected […]

Consumer Panel says Sandler proposals put more pressure on consumer

PRESS RELEASE Date: 9 July 2002Ref: 06/2002Consumer Panel says Sandler proposals put more pressure on consumerThe Financial Services Consumer Panel warns that Ron Sandler&#39s wish to simplify the sale of savings products, published in his report for the Government today, is in danger of being achieved at the expense of consumer protection. The report proposes […]

Healthcare regulation amalgamation predicted for Gulf states

While Dubai is leading the way in terms of legislating for expat healthcare in the Gulf, Qatar, Abu Dhabi and others are watching and learning – that’s according to Jelf International’s director of international services, Doug Rice. He believes the pace of change in the Gulf states will continue and that some level of unified healthcare system will be introduced across the region.


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