Implementation date for some of government's proposals - which are expected to come into effect by April next year - should be postponed to give way to more urgent matter such as the pension simplification paper, says the Investment and Life Assurance Group.
Call for further delays comes as the ILAG believes the different government departments should show more consideration to other regulatory changes taking place.
The Inland Revenue's pension simplification proposal should, for example, come into effect as soon as possible as the new legislation is very important.
That said, the Revenue's latest plan is just one of the changes now proposed to come into effect on April 2005 - the very same date has also been coined the A-day of changes such as:
- Reform of polarisation
- Regulation of mortgages and general insurance
- Child Trust Funds (CTFs)
- Life ISA changes
Furthermore, following proposals are also expected to be implemented by April 2005:
- Product disclosure at the point of sale
- Review of projection requirements
- Sandler and stakeholder products
- Introduction of the simplified sales process
- Amendments to the requirements for default funds
- Reporting requirements for mortgages, insurance and investment firms
- Supplementary consultation on audit requirements
Mike Crick, ILAG's pensions committee chairman, says: "We think that implementation of the latter list is less important than pensions simplification and should be deffered."
He continues: "This is part of a wider problem with lack of co-ordination between government departments, which puts unnecessary additional resource and systems strain on an already beleaguered industry."IFAonline
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Report to be written by TPR
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