Thoresen: Insurers capable of delivering Osborne's pension advice promise

Jenna Towler
clock

The insurance industry is capable of cost effectively delivering the Chancellor's ‘retirement advice for all' pledge, but passing the "impartiality test" would be challenging, Otto Thoresen told MPs.

Speaking at a Treasury Select Committee hearing on Tuesday, the Association of British Insurers (ABI) director general said impartiality was "critical". He told members: "I am very alive to this being something that has to pass the test of public opinion. I do think the industry could deliver this and deliver it cost effectively. But the test would be demonstrable impartiality." He said all facets of insurers' involvement, including the scripts used during client conversations, clear auditing of the process and eventual outcome statistics, would need careful monitoring. "We would h...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

When is a SIPP not a SIPP? Time for a terminology rethink

When is a SIPP not a SIPP? Time for a terminology rethink

'I would suggest that it’s time to review the use of the term SIPP,'

Caitlin Southall
clock 01 December 2025 • 4 min read
Bridging the generational pension confidence gap

Bridging the generational pension confidence gap

'The knowledge gap is universal'

Robert Cochran
clock 27 November 2025 • 5 min read
Warnings of 'damaging' pre-Budget pension speculation impact

Warnings of 'damaging' pre-Budget pension speculation impact

Commentators say speculation on pension issues has negatively impacted saver confidence

Jasmine Urquhart
clock 27 November 2025 • 3 min read