Adrian Chapman, UK Sales Lead at Spence & Partners said: “The general mood music across all regulated industries is for Regulators to lighten the burden, remove duplication and encourage innovation. This has to be seen as a good thing generally, but consumer protections need to remain robust. Vigilance is needed where competing commercial interests exist. For example, outside of pensions in the water industry there has clearly been tensions between commitments to shareholders versus investment in consumer water services. In the Pension industry Defined Benefit schemes are overseen by Trustees whose primary mandate is consumer protection with little or no conflicting commercial interest save for the efficiency (and therefore cost) of how they fulfil this mandate. On the face of it this looks like a regime that could benefit from lighter touch regulatory oversight particularly where professional trustees are involved on the trustee board.”
Helen Forrest Hall, Chief Strategy Officer at the PMI comments: “The PMI supports targeted regulation that fosters high workplace standards through industry qualifications and education, ensuring optimal outcomes for scheme members. We are committed to continuous innovation, exemplified by our Lifetime Savings Initiative (LSI) which has driven actionable recommendations to address barriers to financial security and help build a sustainable UK savings model. We welcome TPR’s focus on innovation and eagerly anticipate collaborating with the new Innovation Hub, sharing insights from our growing Global Innovation Centre, including the LSI.”
London Market Group CEO, Caroline Wagstaff, commented on the Plan: “The London Market Group has consistently lobbied for a bespoke concierge service, more efficient regulatory processes, including metrics, and mechanisms to drive improvement. These steps, announced by H.M Treasury today, are strong responses to those asks, and critical in helping London remain the global centre for risk transfer. We are particularly pleased that the Treasury sees a key role for industry in driving the accountability of regulators in delivering this change. We look forward to the rapid implementation of all of the proposals.”
ABI Director General Hannah Gurga said: “Appropriate regulation of our financial services is essential to a well-functioning system. But it also must be proportionate if it’s going to encourage the innovation, investment and growth our customers and economy need. The government’s commitment to making a more effective, streamlined system through its Action Plan is a welcome intervention. We look forward to working together with the government, other trade bodies and the wider financial services sector to progress this and provide predictability, stability and certainty for our industry and its customers.”
Government announcement on New approach to ensure regulators and regulation support growth
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