What is Pensions Advice Taskforce?

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.”