What would the Financial Conduct Authority actually do if it finds customers of pension funds are being treated unfairly?
Carnage in the world of pensions and savings, part three? First it was George Osborne's annuity revolution. Then came the cap on fees for auto-enrolment pensions. Now this: a regulatory investigation into charges and exit penalties on policies going back to the 1970s. Cue an across-the-board plunge in insurers' share prices.
The other damage, however, has been done to the Financial Conduct Authority's reputation for competence. A regulator cannot get into the game of giving selective briefings of a review that won't be announced formally until the following week. What was the FCA thinking? That cheap applause trumps proper process?
