UK. New products needed to defuse pensions time bomb, FCA says
The investment industry has been told by the FCA that it has a growing role in addressing the public policy challenge of inadequate retirement saving levels.
FCA chief executive Andrew Bailey said the government and regulators are “showing so much more interest” in the investment industry in part bacuase of recent changes to the retirement market. He said these changes had placed a greater responsibility on individuals to arrange their own long-term savings provision, resulting in investment managers being more directly involved in the sector.
He summarised the changes as the shift from the state and employers to individuals, the move from defined benefit to defined contribution pensions, and the introduction of pensions freedoms.
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