Pensions a 'major threat' to UK economy - FSA

The regulator's ‘Financial Risk Outlook 2005’ document urges consumers to act more responsibly with their financial affairs, while warning advisers to provide their clients with good understanding of available options in order to foster confidence in choosing from the range of products available. The FSA highlights the 2004 interim report of the Pensions Commission exposure of a ‘savings gap’, as a result of many people making either very small or no provision for retirement beyond the basic state pension. Compounded by the continued growth of borrowing, in both absolute terms and relat...