The Association of British Insurers has warned the Pensions Regulator against overlapping with other organisations such as the Financial Services Authority in its attempt to regulate risks to defined contribution schemes.
In its seven-page submission to the Pensions Regulator’s consultation on the risks of DC schemes - which closed on 2 February- the ABI says the Pensions Regulator should also provide more information on the different risks facing trust based and contract based DC schemes. The organisation points out while it recognises the Pensions Regulator’s responsibility to “identify and mitigate risk in all forms of work-based pension provision, including DC schemes” it warns TPR “needs to acknowledge that insurers are already supervised by the FSA and that the promotion and sale of contract-based DC ...
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