Mr Hyde Harrison, giving his final speech as chairman of the National Association of Pension Funds at its Manchester conference today (16 October), said regulation continued to be a “serious flaw” in the system.
He said: “The mass defined contribution market brought about by auto-enrolment will mean that the current regulatory split of the market between The Pensions Regulator and the FCA will become increasingly apparent – and increasingly unsustainable.
“With pensions becoming an employer duty, and with the growth in the numbers in pensions, it can only be a matter of time before we move to a single regulator for pensions. We’ve been saying this for some time – and we’re not alone – but we do need to have this debate quite openly now.”
Mr Hyde Harrison admitted that the shift would not be easy, but the difficulty should not cause people to dodge the issue.
He said: “The priority has to be ensuring better and fairer pensions for people. We need the right regulatory environment to help us achieve that.”
At the conference, the chairman also launched the NAPF’s new Stewardship Disclosure Framework to help funds hold their asset managers to account over how well they apply the Stewardship Principles on the fund’s behalf.