Opra's enthusiasm for proposal for a "new kind of regulator" shines through in its Bulletin Issue 27...
Opra's enthusiasm for proposal for a "new kind of regulator" shines through in its Bulletin Issue 27 "The grass will be greener" released today.
Chairman of the Occupational Pensions Regulatory Authority, Harriet Maunsell, says the UK regulator needs to move away from its current approach and start focusing on the real risk to members' benefits.
At the moment, Opra is processing a number of reports into risks facing scheme members.
However, the authority says it will be changing to a more proactive approach.
"The purpose of regulation is to change behaviour. It is not just individuals who are going to change, it is Opra itself," Maunsell says.
In its response to the Government's Green Paper on pensions Opra commented on a number of key areas affecting future legislation.
Summarising the response, Maunsell says the new kind of regulator should focus on fewer, but more significant cases, as well as on the real risks to member's benefits.
More cases of emergency action are likely to take place, Maunsell adds, as the new kind of regulator may well have more contact with a number of schemes, and there will be extended communication with providers and administrators.
"We look forward to working with other key regulators and information providers to develop a 'one-stop information service' on work-based pensions," Maunsell says.
At the heart of the new regulatory approach is also the requirement for increased as well as improved data and information.
Opra is working closely with the Department for Work and Pensions in order to set up the new kind of regulator.
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