Comment: we need innovation not regulation on pensions

On 10 April, Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), spoke on the influence behavioural economics will have upon how the FCA will improve regulation. When I came into financial services in the early 80s, the focus was on sales. There was one universal, immutable truth espoused - people buy from people. If they like you, they trust you. If they trust you, you can sell them anything you want. The outgoing regulator imposed upon the industry a set of standards for qualification that should ensure that only suitably knowledgeable intermediaries are let l...