The Pickering report into simplifying the pensions industry introduced the concept of a 'New Kind of Regulator' - NKR, to replace the current pensions watchdog OPRA (the Occupational Pensions Regulatory Authority). OPRA have confirmed that the NKR will be swallowed up by the Financial Services Authority but will remain entirely separate.
Our view
'Too many cook' yet again. Rules and regulations are fine and need to be established and monitored to protect the consumer. The question for us is very simple - How much extra will it cost to continue to have a separate pensions regulator compared to the additional value it will give? We think not a lot. It will keep a few 'chiefs' in jobs though, in no doubt a separate nice office and hundreds of more costly separate meetings even the costs of production of a new logo and the thousands of pounds for new literature. Great!
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