Member

As things stand, the Government’s desire to be able to mandate asset allocation is clear, but they do not seem to be able to point to convincing evidence of likely success if they do. What can be pointed to is the opposition from key players. It is a special irony that 17 of these key players have signed up to the Mansion House Accord. This commits them to achieve a minimum 10% allocation to private markets across all main default funds in their DC schemes by 2030, with at least 5% of the total going to UK private markets, assuming that a supply of suitable assets is available for providers. There are conditions. The accord notes that this ambition is subject to fiduciary duties and the consumer duty, and dependent on supporting actions by the Government. Can the Minister explain the role of the consumer duty in this arrangement?