PwC comments on FCA measures to enhance consumer protection in the retirement market

Published at 13:11 PM on 01 October 2015

The Financial Conduct Authority (FCA) has outlined its proposed changes to its pension rules to address the risks and challenges faced by consumers in the new retirement market. You can find more information here: http://www.fca.org.uk/news/fca-proposes-changes-to-pension-rules-to-enhance-consumer-protection

Peter McDonald, pensions partner at PwC, said:


“This is another vital step towards building people’s confidence in retirement savings. This consultation is important as it is engaging all parts of the pensions chain to work towards a solution. The pensions system will only work if employers, providers, intermediaries and savers are encouraged to take part, with clear governance and guidance that meets everyone’s needs. This reduces the risk that any part of the chain leaves or becomes disenfranchised with the market.


“It is in everyone’s interest that people are more incentivised to save towards their retirement, understand what they need to save to get there and also how to access their savings in retirement.


“People now have many more options in how they can take their pension retirement and more responsibility about how they can achieve the sort of retirement income they hope for. But with this greater choice, also comes risk. It is vital that there is more focus on improving communication, financial education, access to education and guidance, so that people can more easily plan for the retirement they hope for.


“Technology must be embraced as a way to make people’s retirement planning easier. People are used to running their lives via technology and there is no reason why they shouldn’t be able to manage and plan for their retirement in the same way as they run their bank account. Simplicity needs to be front of mind when considering any pension reforms.”


ENDS

Notes to Editor:

1. For more information, please contact Amy Tiernan, PwC media relations, 020 7804 0556 or [email protected]


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