View more on these topics

Providers refuse to reveal costs of transparency committees


Pension providers are refusing to disclose how much they are spending on new committees charged with boosting transparency and ensuring customers get value for money.

New independent governance committees are publishing their first reports into pension products offered by insurers.

However, none of the firms Money Marketing spoke to would reveal how much they are paying committee members. All members are appointed by the provider but a majority and the chair have to be independent.

An Old Mutual Wealth spokesman says: “We are not currently intending to disclose IGC member fees. The disclosure of IGC member fees is a matter for the IGC and it will be considered this year, taking into account any emerging industry practice.”

Scottish Widows says the information is “commercially sensitive” while Standard Life and Aviva say remuneration is “private and confidential”.

But independent consultant Alan Higham says: “Without transparency, it’s hard to be sure whether or not they are the best committee members money can buy.”

Pension Playpen founder director Henry Tapper says: “If would be really helpful to know what budget is being put against IGCs – it would tell you how much resource is being spent on governance and how seriously the insurers are taking this.

“For instance, is there a dedicated budget for dealing with the IGCs and if there is not, is that blocking the committees from their work?”



New Investment Association boss faces ‘very difficult job’ ahead

Newly-appointed Investment Association chief executive Chris Cummings faces a “very difficult job” ahead of him, industry commentators say. TheCityUK founding chief executive has been appointed as the new chief executive of the investment trade body and will start his role in the third quarter of this year. Cummings joins the trade body six months after Daniel Godfrey […]


How can the industry tackle growing pension scam threat?

Savers are facing a new wave of increasingly sophisticated attacks from criminals looking to access their pension savings as experts warn the challenge of detecting and stopping frauds is getting harder. A Citizens Advice poll this week found most consumers are unable to spot the warning signs of pension scams. In a survey of 2,006 […]


Brexit could drag the UK into recession, warns Aviva Investors

The UK economy is likely to dip into a recession if the country decides to leave the European Union, Aviva Investors’ chief executive Euan Munro has warned. “We believe there would be a significant and negative knock-on effect on business sentiment, which would likely push the UK economy into recession towards the end of this […]


Investment trusts disappoint in Q1 amid lack of demand

The investment trust sector has not been immune to this year’s market volatility as it underperformed in the first quarter of 2016 amid a weakening of demand. The FTSE Equity Investment Instruments Index was down 2.2 per cent in the three months to the end of March on a total return basis, compared with a […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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