View more on these topics

TPR mulls enshrining risk warnings in rules

Pensions-savings-retirement-piggy bank

The Pensions Regulator is considering pushing for its guidance on the new retirement risk warnings to be turned into law, Money Marketing can reveal.

Unlike the FCA, TPR cannot set rules and must ask the Department for Work and Pensions to go further than issuing guidelines to trustees.

New TPR chief executive and former FCA chief operating officer Lesley Titcomb says: “There’s a perception, particularly among consumer organisations, that rules are better than guidance, and have more power and that therefore we can enforce more easily if someone breaches a rule or law.

“Our approach is education, enable and only enforce if you really need to. I’d far rather focus on the education and the enabled, good guidance, than relying on a rule but if it helps consumer and member organisations then it may be worth considering.”

Money Marketing previously revealed how TPR’s guidance for trustees conflicts with the FCA’s rules for contract-based schemes. While the FCA specified providers had to issue specific risk-warnings tailored to individuals’ circumstances and choices at retirement, TPR said trustees should issue “generic” warnings when members try to access savings.

But now TPR is “seriously” considering whether it should adopt the FCA’s approach for pension schemes that offer the full range of new pension withdrawal options, Titcomb says.

Recommended

UK-Parliament-Big-Ben-Lamp-700x450.jpg
25

Govt vows to name and shame over pension freedom failures

Work and Pensions Secretary Iain Duncan Smith has stepped up the tough talk against providers who are not offering their customers full pensions flexibility. Writing in The Telegraph this weekend, Duncan Smith says he will “name and shame” providers who are stopping savers from accessing their pension pots. He says: “Two months into the reforms, […]

House-Property-Ladder-Rising-Prices-640.jpg

B2L grows but house purchase lending remains ‘subdued’

Buy-to-let was the only part of the mortgage market to grow year-on-year in April as owner-occupied lending continued its slow start to the year. According to the Council of Mortgage Lenders, there were 17,200 buy-to-let loans in April, up 18.6 per cent on the 14,500 loans a year earlier. By value, buy-to-let lending totalled £2.5bn, […]

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment