The remaining priorities will be in ensuring the following important areas:
- Improved products
- Enhanced support for savers
- Increasing retirement income for savers
- Well-funded pensions
Lesley Titcomb, TPR’s Chief Executive, commented, “The joint strategy further strengthens our close working relationship with the FCA so that through our new approach we can together address earlier any issues that threaten the retirement outcomes for pension savers.
“Our goal is to ensure the people who run workplace pensions meet our expectations so that members can have confidence their savings are protected. We are being clearer, quicker and tougher in the pursuit of this goal and working collaboratively with the FCA is vital.”
Christopher Woolard, FCA’s Executive Director of Strategy and Competition, cautioned that although successfully delivering the strategy would depend on “the support and collaboration of the government” as well as the “industry and consumers themselves”, he was confident that the strategy would be able to “deliver an environment which contributes to people having higher incomes in their retirement.”
The initiative follows research by the regulators which found an average of £91,000 lost to pension scams in 2017; something which goes some way to explaining why only 25% of savers feel confident about choosing an appropriate product.
A welcome move
The joint initiative of the FCA and the TPR is undoubtedly a positive move as it will hopefully increase confidence while also improving consistency, efficiency and the overall consumer journey.
The fact that two regulators are working together is good news, particularly as they have identified clear aims and an adequate time frame. It just remains to be seen whether it produces positive outcomes in the long-term.
However, the government also has a role to play and it will be interesting to see whether the Department for Work and Pensions and HM Treasury respond by developing their own joint strategy.
Blacktower Financial Management for Expat Pensions Advice
Blacktower works to help its clients meet their retirement goals. This includes advice related to pensions and pensions products, including pension transfers, QROPS and SIPPs arrangements.
We work from multiple locations across Europe, including Germany, Gibraltar, the Netherlands, France and further afield, including the Cayman Islands and USA..
For more information about how we may be able to help you with trusted expat pensions advice, contact us today.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
During the last political year, we have been given statistic after statistic by politicians who sound like they know what they are talking about. They can, at times, sound very convincing and even believable. But how do we know what is right and what is not? The average person has no idea how much being a member of the EU costs per day. While even experts don’t know precisely how much the UK will save by not having to pay the EU after it exits the European Union.
Plans have been released by Brussels to introduce a travel tax on post-Brexit UK travellers. British people will no longer be able to travel freely to Europe without paying a “travel tax” and being forced to fill out a form under plans unveiled by Brussels. The US-style visa waiver scheme is one of the first concrete signs UK citizens will not be permitted the privileges they once had, to move across European borders unhindered.