TISA comments on the DWP’s response to the Stronger Nudge to Pensions Guidance Consultation
Renny Biggins, Head of Retirement at The Investment and Savings Alliance (TISA) commented on the DWP’s response to the Stronger Nudge to Pensions Guidance Consultation:
“TISA welcomes the new DWP proposals around the Stronger Nudge and are encouraged to see that they have become more aligned with the FCA regulations. It is essential to industry and consumers that there is consistency in the requirements, as this will remove complexities where transfers span across both regulatory regimes and ensure the nudge to pensions guidance achieves its objectives.
TISA recognises the importance of consumers accessing impartial guidance or regulated advice prior to making retirement decisions and strongly supports creating new ways to achieve better consumer outcomes. TISA is particularly pleased to see the Government remove the opt-out in a separate communication, and the recognition of different consumer journeys in the Pension Wise booking process. We agree with the Government position that guidance should not be mandated. However, individuals should recognise and be aware of the benefits that a guidance session in the absence of regulated advice could provide. These proposals will help towards realising that goal.”
Contact:
Kuba Stawiski
Cicero/AMO
07856031906
kuba.stawiski@cicero-group.com
Notes for Editors
07856031906
The Investing and Saving Alliance (TISA) is a unique, rapidly growing membership organisation for UK financial services.
Our ambition is to improve the financial wellbeing of all UK consumers. We do this by focusing the convening the power of our broad industry membership base around the key issues to deliver practical solutionsand devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues.
TISA membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
As consumers, the financial services industry and the economy react to and recover from the effects of the pandemic, the importance of the three key pillars of work that TISA prioritises has never been more apparent:
- Strategic policy initiatives that influence policymakers regarding the financial wellbeing of UK consumers & thereby enhancing the environment within which the industry operates in the key areas of consumer guidance, retirement planning, later lifetime lending, vulnerable customers, financial education, savings and investments.
- TISA is recognised for the expert technical support provided to members on a range of operational and regulatory issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations covering MiFID II, CASS, ESG/RSI, operational resilience, Cyber Risk, SM&CR and a range of other areas.
Digital transformation initiatives that are driving ground-breaking innovation and the development of industry infrastructure for greater operational effectiveness and revenue promoting opportunity for firms. TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives – TISAtech (a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation) and TURN (TISA Universal Reporting Network – a digital platform providing a secure data exchange for financial services using blockchain technology) – alongside projects Digital ID and Open Savings & Investment. This reflects TISA’s commitment to open standards and independent governance.