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Press comment: FCA's Bailey emphasises pension freedoms should not be a 'free for all'

17/09/2018

If you’re covering the speech from Andrew Bailey on pension freedoms in which he outlines the FCA’s views on the current landscape and action that still need to be taken please see the following comment from Jon Greer, head of retirement policy at Quilter. 

Jon Greer“Pension freedoms changed the landscape of retirement savings and the impacts are still reverberating across the nation three years later. It’s of little surprise that the FCA’s agenda has been chock full of initiatives and analysis relating to pensions and retirement. As we settle into the reality of pension freedoms, regulation and legislation will continue to be finessed, but as an industry we need to focus on the elephant in the room, the worrying lack of engagement and education around pensions.

“Andrew Bailey’s speech emphasises that pension freedoms should not be a total ‘free for all’ and while the FCA will continue to look at steps they can take to ensure customers have the best possible chance of prosperity in retirement, regulation can only go so far. There are some crucial elements still lacking from the retirement equation – professional financial help and innovation. Improving these areas does not mean we need to reinvent the wheel. Bailey has rightly called for progress on initiatives that are already underway, or indeed completed.  For instance, substantial work was taking as part of the Financial Advice Market Review, but we have still seen limited output to date. Similarly, the pension dashboard saga continues to roll own. The dashboard could harness the power of technology to simplify how people manage their pension savings. The project is now in the hands of the providers with support from the government. However, more clarity is needed on what the dashboard will actually look like and how the government will help ‘facilitate it’.”

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@quilter.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £109.8 billion in customer investments (as at 30 September 2019, excluding Heritage life assurance).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Old Mutual International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.