View more on these topics

PIMS: ABI says industry still needs to earn Govt’s auto-enrolment trust

Gay-Stephen-2012-700x450.jpg
Stephen Gay

The Association of British Insurers says the financial services industry still needs to earn the Government’s trust on auto-enrolment and prove it is acting in the best interests of clients.

Speaking at PIMS on board the Aurora last week, ABI director of life, savings and protection Stephen Gay said although auto-enrolment is a huge opportunity for providers, they are being subject to intense scrutiny from ministers.

Gay said: “There is a sense among policymakers that the industry has been handed a huge opportunity with auto-enrolment and it is up to us to show we are worthy of it.

“The Government has decided that its flagship pension reform is one in which the industry will play a major role but the financial services industry does not enjoy a good reputation in Westminster.”

Gay said ministers are not sure the financial services sector will act in clients’ best interests on auto-enrolment.

He said: “Nobody in Westminster is assuming that left to our own devices, we will do what is best for ordinary employees.”

Gay added the current pension policies, including auto-enrolment and pot follows member, are not enough to plug the pensions gap entirely, and urged the industry to come up with further solutions.

Quanton Hills Financial Planning managing director Gordon Bowden says: “It is fair enough to say the industry needs to earn the trust of the Government. Having learnt from the past I think there is a significant opportunity to make sure that auto-enrolment works for both employees and the industry.”

Recommended

2

FCA warns EU bonus cap could double bankers’ salaries

Financial Conduct Authority chief executive Martin Wheatley has warned the EU’s plans to cap bonuses could see bankers’ salaries double. According to the Guardian, Wheatley said Europe’s plan to cap bonuses at 100 per cent of salary for those earning more than €500,000 could make it difficult to claw back payments if necessary. Wheatley said […]

Transact tops The Platforum Q2 leaderboard

Transact has toppled Elevate off the top spot in The Platforum Market Monitor leaderboard for Q2, with Elevate coming second and Sippcentre third. Each quarter The Platforum reviews each platform’s performance, with a focus on costs, user feedback, growth, AUA growth, financial strength and functionality. The Platforum says AUA growth and adviser feedback were key […]

2

Co-op halts new business lending

The Co-operative Bank has stopped lending to new business customers after it was revealed it has a estimated capital shortfall of over £1bn but the lender says it has not stopped lending to mortgage borrowers. Co-op says the decision not to lend to new business customers will last indefinitely, although it will continue to lend […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com