Lord Turner, Mark Hoban and Steve Webb have rebuffed complaints from a group of senior politicians about the adverse effects they claim the retail distribution review (RDR) will have on pension provision.
In March, a cross-party group of MPs and peers wrote to the three politicians demanding that the Financial Services Authority (FSA) must act to protect the poorest pensioners from falling into the advice gap. The MPs drew on a report by the International Longevity Centre (ILC) and Partnership, which supported the underlying principles of the RDR, but said it risked cutting the lowest paid out of financial advice and leading to poor pensioner outcomes. However FSA chairman Turner, Treasury financial secretary Hoban and pensions minister Webb said there are already measures in place to ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
