Will a new report see a shake up in the regulation of pension transfers?
Caroline Rookes, the former head of the Money Advice Service, has reviewed the communication exercise carried out by the British Steel Pension Scheme as it restructured and has made a series of recommendations.
The press coverage has concentrated on criticism of the FCA register and Unbiased. Arguably neither proved adequate to the task of showing scheme members where to turn. However, the report makes many much more important recommendations.
These include a suggestion that the regulators, the guidance body and the scheme trustees cooperate much more effectively when a scheme is restructuring and suggests trustees and unions should consider the creation of a panel of advisers to offer transfer advice.
In a related story, the Work and Pensions select committee chair Frank Field MP has suggested that steelworkers advised to transfer by Active Wealth have not received sufficient compensation and asked the Financial Services Compensation Scheme to think again.
The following story may well prove to be rather controversial – Nest has been given £329m of potential government backing to help it meet the master trust criteria. It is only a contingent guarantee but arguably takes the total backing to nearly a billion and that may not be popular with some in the industry.
Intriguingly, he has also published a letter in which the FCA appears to back his point of view.
The Investment Association sets out to grapple with definitions for environmental, social and governance investing. The aim is to create a voluntary standard for ESG funds amid concerns about green washing.
Finall New Model Adviser brought us the top 10 Scottish advice firms for Burns Night last week. Hoots man - as they say - but the Scottish advisers probably don't.
