The speed at which pensions freedom was introduced has been a direct influence on the steady increase to the Financial Services Compensation Scheme (FSCS) levy since they were launched in 2015, MP Stephen Timms has said.
The Work and Pensions Committee chairman said the sweeping retirement policy - which saw millions of people given access to their pension pots at 55 and the removal of the need to buy an annuity at retirement - was rolled out quickly, which he was concerned about at the time. Speaking at a Fabian Society event yesterday (23 February), Timms added pressure on the FSCS had increased "significantly" since the freedoms were introduced in 2015 and that increasing levy demands were "not a coincidence". Timms said: "I was also one of those who were worried by the pension freedoms when they w...
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