What is Pensions Advice Taskforce?
The Pensions Advice Taskforce is an industry wide representative body, the ultimate purpose of which is to help raise standards and enhance consumer protection in respect of complex areas of pension advice. Its initial focus has been on Safeguarded and Defined Benefit Pension Transfers.
Members of the Steering Group are all senior individuals who represent consumer bodies, financial advice firms (both large and small), scheme administrators, pension providers, PI Insurers, compliance consultants, Pension Wise, The Pensions Advisory Service (TPAS) and the Money Advice Service (MAS), all with direct experience of individual and workplace pensions. The Financial Conduct Authority and The Pensions Regulator sit on the Steering Group as independent technical observers.
Why has it been created?
In the aftermath of the British Steel closure, much debate has taken place across the industry about the extent to which stakeholders involved operated in silos rather than in a co-ordinated and timely manner to prevent detriment to scheme members. We have also seen significant contraction in the PI market in terms of excess levels, overall premium levels and in some cases availability of cover. These issues have highlighted a relative lack of industry co-ordinated approaches to market, advice standards and consumer protection, all against a backdrop of increasing complex legislation.
The Pensions Advice Taskforce is a direct response from the Personal Finance Society, bringing together representatives of key stakeholders from across the pension to create a set of principles underpinning good financial adviser behaviour that exceeds minimum requirements and as such more likely to deliver consistently good consumer outcomes.
Membership of the Pensions Taskforce Steering Group
As at 9 April 2019
Name |
Organisation |
---|---|
Philip Brown |
Previously Head of Policy Retirement Solutions, LV |
Simon Chrystal |
CEO, WPS Advisory Limited |
Liz Coyle |
Compliance Policy Manager, Simply Biz Group |
Michelle Cracknell |
Previously CEO, The Pension Advisory Service |
David Craik |
Director Financial Planning, Optima Financial Services/Aberdeen |
David Flory |
Joint Secretariat, Pensions Advice Taskforce |
Nick Flynn |
MD, LEBC |
Paul Freeman |
Liberty Global Group |
Teresa Fritz |
Policy Manager, The Money Advice Service |
Tim Harries |
Head of Risk, Governance and Compliance, WPS Advisory Limited |
Jamey Johnson |
Chief Officer, Pensionwise |
Sue Lewis |
Chair, Financial Services Consumer Panel |
Tony Miles |
Joint Secretariat, Pensions Advice Taskforce |
Russell Newell |
Chief Underwriting Officer, AmTrust Europe Ltd |
Mark Pearson |
Director Business Development, Origen Financial Services |
Rory Percival |
Rory Percival Consulting / PFS Board Member |
Keith Richards |
CEO Personal Finance Society/MD Engagement of the CII |
Margaret Snowdon OBE |
Chair, Pension Scams Industry Group (PSIG) and Pensions Administration Standards Association (PASA) |
Simon Thomas |
Head of Regulatory Policy at Tenet Group |
Richard Turnbull |
Underwriting Director, Collegiate |
Sir Steve Webb |
Director of Policy and External Communications, Royal London |
Rob Yuille |
Head of Retirement Policy at the Association of British Insurers |
Julie Sheppard |
Policy Lead, The Pension Regulator (Independent technical support) |
Sandra Graham |
The Financial Conduct Authority (Independent technical support) |
Membership of this group was on a personal basis and does not imply or involve in itself any direct or indirect endorsement from any organisation they represent or work for.
Keith Richards, CEO of the Personal Finance Society, commented:
“The retirement landscape continues to evolve with professional advice playing a crucial role in meeting consumer financial planning needs. The pace of change has led to some areas of concern and unintended consequences for consumers, especially those entering draw-down without having consulted a professional adviser or Pension Wise guidance. The recent high profile British Steel fiasco has also thrown into question adviser conflicts of interest for DB transfers, now impacting PI Insurers confidence.
It is essential that we introduce initiatives that address these rising areas of concern, via sector agreed ‘good practice’ and a ‘voluntary code’ which consumers and PI Insurers can rely on. Protecting the excellent progress of the profession and the growing financial planning needs of the public is at the heart of the Taskforce’s purpose.”
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.