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Tory fears over advice

Conservative MPs say that problems over the funding of advice and the regulatory framework of the NPSS need to be addressed if consensus is to be reached on pension reform.

Speaking ahead of a Parliamentary debate on pensions, Tory Shadow minister for work and pensions Nigel Waterson says Turner’s recommendation for an advice-free NPSS model ignores the fact that many people need to be given the right individual advice on pensions.

Waterson says issues of regulatory responsibility need to be addressed, including how the FSA will fit into the picture and who will be liable for any potential misselling or pay for any safety net.

He describes Ned Cazalet’s warning of the potential for huge losses for any body running the NPSS as a worrying analysis of a future situation.

Waterson also attacks Chan- cellor Gordon Brown, saying that, unlike Brown, the Tories will bring an open mind to the debate.

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