Issues
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Issues. Trust law and contract law Different regulators Contract law assumes consumers are able and willing to choose Employers choose scheme but are not party to the contract Employers don’t want responsibility – that’s why they choose contract schemes

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Issues

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Issues

Issues

  • Trust law and contract law

  • Different regulators

  • Contract law assumes consumers are able and willing to choose

  • Employers choose scheme but are not party to the contract

  • Employers don’t want responsibility – that’s why they choose contract schemes

  • Challenge seems to be: where does the ultimate legal responsibility lie for actively upholding the members interests in contract based schemes?

  • Who makes the decisions and can be held accountable for them?


Options for change

Options for change

  • DWP consultation

  • Employer based Governance committees – but what is their role? Duties? Legal relationship rests with provider and individual

  • Change through consensus between Board of governance, employer and provider?

  • ABI have committed to ‘independent governance panels’ at provider level what will this mean in practice?

  • Who regulates?


What does good governance look like

What does good governance look like?

  • All decisions are taken in the best interests of the members

  • Active monitoring and review

  • Independent – conflicts of interest avoided or at least managed and recorded

  • Member representatives

  • Access to good advice

  • Duty of care to all scheme members incdeferreds

  • Time off for training/CPD but not necessarily professionals

  • Clarity on regulatory and legal framework

  • Freedom to Act – can they change provider?

  • Who appoints, pays and removes them?


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