Adviser argues for TPR/FCA merger after Consumer Duty 'failure'

Karen Ritchie wonders if The Pensions Regulator has ‘had its day’

Isabel Baxter
clock • 3 min read

With the Financial Conduct Authority’s (FCA) Consumer Duty now in force and The Pensions Regulator (TPR) not required to follow the guidelines, the idea of a merger of the two regulators has re-emerged.

Karen Ritchie Financial Planning director Karen Ritchie tells Professional Adviser that she struggled when dealing with pension provider James Hay in a pension sharing case. In this case, Ritchie was unable to get status updates from the scheme because she acted for the wife and could not pass the husband's security questions, despite submitting an authority from the wife when all the pension sharing paperwork was submitted. She then queried this with FCA and highted that "this is not in the spirit of Consumer Duty" as the beneficiary of the pension share is not being considered or ke...

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