Increased consumer choice under pensions freedom coupled with greater potential fraud risk has boosted the argument for a single pensions regulator, MPs have said.
A report from the work and pensions committee said distinct risks accompany the undoubted advantages of pensions freedom and consumers deserve a single regulatory body. Pension regulator is currently divided between The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), with HM Treasury and the Department for Work and Pensions (DWP) also playing a part, the report said. MPs said: "The government was previously reluctant to accept our 2013 recommendation that the case for a single pensions regulator should be examined. "The minister for pensions has recently indicat...
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