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DWP could hand trustees role of policing consultancy charges
by Michelle Abrego on Feb 21, 2013 at 10:35
The Department for Work and Pensions (DWP) is looking at whether scheme trustees can play a role policing consultancy charges, according to Legal & General pensions strategy director Adrian Boulding.
In November 2012 pension minister Steve Webb wrote to the Association of British Insurers (ABI) calling for an urgent review of consultancy charging saying he had faced calls to introduce an outright ban.
Boulding (pictured) said the government was looking at alternatives to an outright ban and was examining whether trustees could play a role.
‘They are looking at the role of trustees in group personal pension schemes and contract-based schemes,’ he said.
He said providers were interested in making their products good value but did not have any control over whether advisers provided that, but if trustees are involved they would have a duty to look after members’ interests.
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