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Regulator choice slated as lash-up

The appointment of the Department of Constitutional Affairs as interim regulator for complaint management firms has been slated as a temporary ‘lash-up’.

As Mortgage Strategy’s Stop the Rot campaign gathers pace, debate goes on as to who should regulate complaint management firms.

The secretary of state will act as the chief regulator initially, with everyday responsibility being delegated to a civil servant.

There will also be a non-statutory advisory committee made up of representatives of the financial services and insurance industries, the legal profession and consumer groups.

But Oliver Herald, Tory MP for North-East Hertfordshire, says: “Many of us are disappointed that an established regulator in the financial field is not taking on the task.

“The Financial Services Authority or the Office of Fair Trading would be preferable as regulators because they have the relevant experience. We are flying blind with a temporary lash-up solution.”

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Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.

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