The pensions industry needs a single regulator or gaps in scheme governance will harm savers, MPs have said.
The latest Work and Pensions Committee report argued the introduction of auto-enrolment means "rigorous pension scheme governance is essential". However, it said the complexity of multiple regulatory bodies - the Pensions Regulator (TPR) and the Financial Services Authority's (FSA) successor agencies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) - risks creating gaps in governance standards. Committee chairman Dame Anne Begg said: "It is essential that all members of workplace pension schemes are protected from poor governance, irrespective of th...
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