Wheatley: Pensions reforms akin to industry 'Y2K moment'

Forthcoming pensions freedoms represent "something akin to a Y2K moment" for providers, Financial Conduct Authority (FCA) chief executive Martin Wheatley has said.

Addressing the National Association of Pension Funds (NAPF) investment conference in Edinburgh on 11 March, Wheatley (pictured) said the 6 April reforms are the greatest to affect the industry since the introduction of universal coverage. "This is clearly a critical period of change, and one that will define our professional lives over the coming years," he said. Highlighting the risk of consumers being targeted by fraudulent activity, he said: "For the pension industry, the upcoming switch in regime looks something akin to a Y2K moment." "It is an imperative that this risk is prop...