O'Brien allays personal accounts provider fears

clock

Fears providers will be reluctant to get involved in personal accounts were dismissed by pensions minister Mike O'Brien today, despite confirming the Government will not provide any start-up funding.

O'Brien says he is aware of providers' concerns following controversy surrounding stakeholder accounts in the past, but claims there is no need for alarm with personal accounts. The minister says the Government will not give providers start-up capital which could encourage them to launch personal account schemes. “The providers, if they wish to go into the market, will have to make their own commercial decisions," he says. “I think there will be enough take-up. If you’ve got seven million people who want to invest money, there will be people who will want to take some of that money and i...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read