Press Release
CII Thinkpiece questions ‘short-termism’ of the UK pensions distribution system
19 June 2008
The pensions industry must radically re-think the current ‘short-termism’ and conflicts of interest embedded in the sector by its distribution system, says consumer advocate Mick McAteer.
In the CII’s latest Thinkpiece, the Director of the Financial Inclusion Centre provides a unique consumerist insight on the challenges the industry faces to help consumers, and identifies the commercial benefits to the industry if it can change.
McAteer says in his article: "Increasing numbers of consumers are not future proofed – whether because the state is unable to protect them or they are underinsured. The need for ‘insurance’ has arguably never been greater in modern times. If the industry can persuade consumers that it has the products and services they need and can be trusted, then the rewards for the industry will be great."
CII Director of Policy and Public Affairs David Thomson adds: "Mick looks into the abyss of the longevity challenge and offers a radical critique of the traditional model of financial services delivery. His assessment of the industry’s ability to rise to these challenges is critical, cautionary but ultimately positive."
The CII will continue to publish Thinkpieces every few weeks and welcomes any suggestions from potential contributors, as well as feedback from readers. For more information, see www.cii.co.uk/thinkpiece
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