The drive for transparency in pension charges could lead to occupational scheme advice for employers becoming regulated by the Financial Services Authority, Legal & General says.
The comments come after the National Association of Pension Funds went out to consultation on a code of conduct for defined contribution providers to follow when disclosing their charges to consumers. One of the code’s proposals is that all pension service providers – including insurers, fund managers and consultants – must distribute a two-page standardised summary of charges to help members compare schemes. But L&G’s pensions strategy director Adrian Boulding said this could lead to all corporate scheme advice coming under the remit of the FSA. Boulding said: “This [code] will end u...
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