Consumer Duty could force different pension contribution messaging

Is constant push to increase contributions ‘acting in good faith’?

Jenna Brown
clock • 2 min read

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...

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