The Investment Association supports work and pensions committee emphasis on consumer protection
In response to the Work and Pensions Committee report on Progress with Automatic Enrolment and Pensions Reforms, Jonathan Lipkin, Director of Public Policy at The Investment Association, said:
“The Investment Association agrees that the Budget freedoms create significant responsibilities for the financial services industry, Government and regulators in terms of ensuring both appropriate product innovation and consumer protection. Regardless of future decisions on regulatory structure, this should be an immediate priority.
“Given the pace of change in recent years, an independent commission to review pension reform progress to date could also make a valuable contribution.
“Alongside the need to focus on product quality, we agree that transparency of costs and charges and high standards of governance are essential across the pensions landscape to help drive value for money and good outcomes. The Investment Association has already taken a number of initiatives in the area of transaction cost disclosure and will be contributing further in the context of the current DWP/FCA Call for Evidence.”
