The cross-cutting Consumer Duty rules could result in pension providers and schemes taking a different approach to the constant push to maximise contributions, according to NEST.
Speaking at The Investing and Savings Alliance's (TISA) Annual Retirement Conference for 2023 last week, NEST director of strategy and corporate affairs Zoe Alexander said the rules could change the industry-wide outlook which pushes maximising individual contributions. The cross-cutting rules require firms to: 1. Act in good faith toward retail customers. 2. Avoid foreseeable harm to retail customers. 3. Enable and support retail customers to pursue their financial objectives. Alexander asked: "What does Financial Conduct Authority (FCA) really mean by all reasonable steps? Acti...
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
