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Pickering proposes new kind of regulator

The Government-commissioned pensions review by Alan Pickering is proposing a new kind of regulator which would supercede the Occupational Pensions Regulatory Authority.

The new body – initially called the NKR – would provide advice on codes of practice and have the authority to intervene in schemes at an early stage if it believes there is reason to suspect bad practice or potentially criminal activity.

The NKR would rely heavily on whistle-blowing by professionals but on a higher level than was the case with Opra, which the report says is constrained in its ability to get involved with schemes where things are not being handled properly.

It will sit alongside – and work closely with – the FSA, which the report says should continue to regulate the marketing, selling and product disclosure of personal pensions and stakeholder schemes.

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