Member

We have heard several times in our discussions with industry that professionals can be hesitant to provide what would be sound and helpful advice, because of concerns that rules like those set out in the Privacy and Electronic Communications (EC Directive) Regulations 2003 can impose significant uncertainty and burdens on pension providers and make it more difficult to provide scheme members with timely and helpful information. The result is confusion, disengagement and, in turn, poorer outcomes. Our amendment asks fundamental questions. Are we striking the right balance between protecting consumers and empowering them? Are the rules enabling clear, accessible and honest communication, or are they inadvertently limiting it? If we are serious about building a pension system that works for everyone, we must ensure that people are able to understand it and that the rules do not prevent them receiving timely and helpful advice from experts. Engagement and understanding must be enabled, and it can be enabled only if individuals and professionals are given the tools, information and clarity they need to take ownership of their financial futures.