Small and medium sized employers may attempt to offload auto-enrolment set-up costs onto workers via consultancy charging if they are not properly scrutinised, The Pensions Regulator (TPR) has warned.
TPR chief executive Bill Galvin Galvin (pictured) said he fears small firms "will be forced" to seek independent financial advice on complying with the reforms due to their lack of expertise, but that in the mid-market "consultancy charges might not be particularly well-monitored". Speaking at an Institute of Directors auto-enrolment event, Galvin acknowledged that the Financial Services Authority's (FSA's) Retail Distribution Review will end commission and improve transparency around charging for corporate benefits advice. However, he highlighted that the onus is on the employers to ...
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