The Financial Reporting Council (FRC), the Pensions Ombudsman and the Pensions Protection Fund Ombudsman will all face radical reform under government plans to overhaul the nation's quangos.
The Pensions Ombudsman, which rules on complaints about the way pension schemes are run, will be merged with the Pension Protection Fund Ombudsman, established to review decisions made by the Board of the Pension Protection Fund (PPF). Together they will form a single tribunal non-departmental public body (NDPB). The FRC, the independent regulator responsible for promoting standards in corporate governance and reporting, will remain, but its reliance on government funding will be removed and it will be "substantially" reformed. Meanwhile, The Pensions Advisory Service (TPAS), one ...
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