McFall claims regulation is barrier to low-cost pensions

Speaking in the House of Commons after the Budget announcement, McFall suggested the industry’s commission-based model has produced "inherent conflicts of interest which successive governments have attempted to manage through regulation". And he claimed while mis-selling scandals led to tighter regulation which has protected some consumers, it has also “increased distribution costs and made it uneconomic for the long-term savings industry to service consumers on below average earnings”. As a result, McFall agrees with Turner’s comment in the report, suggesting it is “very difficult for ...