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Regulator plans to bolster DC disclosure

The Pensions Regulator is set to increase the disclosure requirements for defined-contribution scheme costs and charges to increase transparency ahead of automatic enrolment.

In its initial response to its DC discussion paper this week, TPR says: “We want to see more transparency in the way charges are disclosed, demonstrating value for money in a clear and simple way. The DWP has a reserve power to legislate in relation to charges in schemes used for automatic enrolment if there is evidence of unacceptable charges being levied in schemes.”

TPR is considering kitemarking for DC schemes to signpost good provision to employers and could add a new accountability framework for decision-making in DC schemes after respondents suggested it is unclear.


VAT of worms

HMRC is urging IFAs to help draw up clear tax guidelines as the issue of VAT liability for financial advice could get a whole lot murkier under the RDR. Rachael Adams reports


Origen MD Stephen Greenstreet resigns

Stephen Greenstreet has resigned as managing director of Aegon owned distribution arm Origen. Greenstreet (pictured) has held the position since June 2006 and Aegon’s executive chairman of distribution Patrick Gale will stand in while a permanent replacement is found. Aegon say Greenstreet wants to pursue alternative opportunities in Financial Services. Gale was Sesame Group chief […]

Sants: ‘Scant attention’

Sants concedes public baffled by product data

FSA chief executive Hector Sants has admitted that consumers pay little attention to the detailed information they are given when they buy financial products. Speaking at the British Bankers’ Association international banking conference in London last week, Sants said people lack the technical skills to understand the material. He said: “The FSA’s approach in the […]


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