PIMA delighted by Government consultation response on eligibility to establish and run pension schemes
PIMA warmly welcomes the Government’s commitment to making the establishment and running of a registered pension scheme a regulated activity from April 2007. This will ensure that customers receive the protection of FSA regulation, while allowing them to choose from a potentially much wider field of pension offerings and providers.
The spirit of this decision is at the heart of PIMA’s SaRA proposal—allowing more competition in the market of providing for personal pension arrangements by creating the potential for more market participants. Subject to further rulemaking and consultation by the FSA, this will pave the way to much greater liberalisation in the personal pensions marketplace.
Tony Vine-Lott, Director-General of PIMA, said:
[i]‘This is a fantastic win for PIMA, its members, and consumers. We have lobbied on this issue for some time and are delighted that the Government is pushing forward with making the provision of pensions a regulated activity.
We look forward to working with the FSA, as we have done with Treasury, when they begin consultation next month.’[/i]
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
07886 197086