ii responds to FCA pensions value for money consultation
Our head of personal finance shares her views on the latest FCA announcement.
24th June 2020 12:47
by Moira O'Neill from interactive investor
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Our head of personal finance shares her views on the latest FCA announcement.
Today, the FCA announced a pensions value for money consultation around workplace personal pension schemes.
Moira O’Neill, Head of Personal Finance, interactive investor says: “Workplace personal pensions have flown under the regulatory radar for far too long. They have become fat and complacent, relying on customer inertia, shiny branding and exit charges to continue to deliver poor customer outcomes at a high cost. We hope this consultation shines a spotlight on an industry that has grown unchecked for far too long.
“It won’t always be in people’s best interests to switch, but people need to be able to weigh up their options. Sadly, too many workplace personal pensions are still shrouded in mystery and people need to be made much more aware of the poor value for money some workplace pensions schemes are offering – particularly the old ones. This consultation is a welcome start, but we would urge the regulator to go a step further and look at transparency more broadly.”
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