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

Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read
What role can advisers play in closing the gender pension gap?

What role can advisers play in closing the gender pension gap?

Advisers are uniquely placed to influence the gender pension gap

Olivia Perry
clock 02 July 2025 • 7 min read