Fidelity criticises Govt response to personal accounts consultation

Fidelity has attacked the Government's response to consultation on personal accounts, criticising it...

Fidelity has attacked the Government’s response to consultation on personal accounts, criticising its choice to defer the decision on charging structure to the new delivery authority. Simon Fraser, president of UK and Europe institutional business at Fidelity, said getting the financials behind personal accounts wrong could compromise their value when introduced in 2012. The additional threat of levelling down was also a concern, he said. “We understand the Government’s concerns about extending the exemption for employer sponsored pension schemes to contract-based provision. However, ...