FSA should lose responsibility for contract-based DC - NAPF

Jenna Towler
clock

The Pensions Regulator (TPR) should monitor all defined contribution (DC) pension schemes - whether they are trust or contact based, a lobby group says.

The National Association of Pension Funds (NAPF) said the current regulatory framework for pensions must be reduced. At present the Financial Services Authority (FSA) regulates contract-based DC, while TPR has responsibility for trust-based DC schemes. Responding to the National Audit Office report on the effectiveness of TPR's DC regulation, NAPF's Darren Philp (pictured) said the current set up was "confused". "The recommendations highlight the confusion created by our current regulatory structure, with no one department or regulator responsible for DC pensions. This creates conf...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read