UK. Consumers need simpler retirement products, says outgoing FSCS boss
Pension products should carry a quality mark from the City regulator so customers know they are buying good value, the outgoing chief executive of a savings safety net has suggested.
Mark Neale, who has previously announced his intention to step down after spending nine years as chief executive of the Financial Services Compensation Scheme (FSCS), suggested that pension products could be subject to a quality marking scheme by the Financial Conduct Authority (FCA).
The FSCS, which is funded by the financial services industry, is the UK’s lifeboat scheme for customers of financial services firms. It compensates customers for financial loss in cases where firms cannot pay themselves, such as when they have gone bust.
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