By Phoebe Seers LONDON, Dec 10 (Reuters) - Britain's financial regulator pledged a series of pro-growth reforms on Wednesday, including possible changes to fee caps for pension schemes, as part of a
UK Regulator to Review Pension Fees Cap for Growth
By Phoebe Seers
LONDON, Dec 10 (Reuters) - Britain's financial regulator pledged a series of pro-growth reforms on Wednesday, including possible changes to fee caps for pension schemes, as part of a broader push to channel some retirement savings into higher-risk, potentially higher-reward assets.
In a letter to Prime Minister Keir Starmer, Financial Conduct Authority CEO Nikhil Rathi said the watchdog would also seek to speed up applications by companies to list on the London Stock Exchange and cut red tape for mortgage approvals.
The Labour government has pressed regulators to ease rules and boost growth since winning power last year. The FCA and the Bank of England’s Prudential Regulation Authority are subject to a secondary objective to promote growth and competitiveness.
The FCA said it would review the cap on pension fees to aim to ensure consumers are not deterred from certain investments because of higher performance charges, which are typically payable on specified returns.
Ministers want pension funds to allocate more to unlisted and early-stage businesses, infrastructure projects and green energy, which usually require greater research and expertise, pushing up costs for providers.
The FCA is also proposing to scrap a seven-day research waiting period for initial public offerings.
(Reporting by Phoebe Seers. Editing by Iain Withers and Mark Potter)
