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Redwood says revenge is riding roughshod over regulation

Former Cabinet minister John Redwood says “wrongful and vengeful Government policies”

are overriding regulationSpeaking at his economic competitiveness group fringe event, Redwood said Chan- cellor Gordon Brown’s raid on pension funds shows that sensible Government policy rather than overbearing regulation is required to govern the industry and ensure consumer protection.

Redwood said the decline in pension funds since 1997 proves that heavy regulation does not necessarily provide consumer protection. He said pensions has been one of the most heavily regulated industries but regulation could do nothing in the face of Gov- ernment policies.

The MP for Wokingham said there was no conflict between ensuring consumer protection and promoting business and his economic comp- etitiveness group will aim to promote consumer choice.

The group will produce a report for Tory leader David Cameron next summer and part of its work includes examining how to ease the regulatory burden on advisers.

Redwood said: “Brown’s raid on pensions shows that regulation on its own is not the answer. What we need is a Government on the side of the consumer and the saver rather than more regulation.”

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Many years ago, a good friend of mine became very seriously ill and had to take time off work. His employer’s sick scheme was a decent one but months ticked away and it became obvious that although his illness was not life-threatening, it would be impossible for my friend to return to work in the near future, perhaps for years.

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