Clause 4 - Investment requirements for SaRA schemes

Part of Rights of Savers Bill – in a Public Bill Committee at 3:00 pm on 14 December 2005.

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Photo of Stephen Timms Stephen Timms The Minister of State, Department for Work and Pensions 3:00, 14 December 2005

I have just one question. I found it a little surprising that the Bill proposed that the approval of an account manager should be given to the pensions regulator. I should have thought that the Financial Services Authority would have been more appropriate. Why was the pensions regulator, in particular, proposed?