I wrote a few weeks back about our network’s auto-enrolment event. The joy of writing these columns is that such an article usually prompts responses from a variety of providers who have just the thing to offer our members, but who are, of course, too late for our event.
Perhaps I should make a habit of blogging about a particular subject, then wait for the inevitable deluge of offers of help from all sorts of people and providers who have just the thing that we need to assist us. Then I would have a supply of people who can actually help us with the events in question, instead of only discovering them too late in the day to be of much practical use.
Anyway, as a result of my pontification on auto-enrolment I was invited to a meeting with a representative of The Pensions Regulator.
Of course, TPR provides, among other things, a huge amount of valuable resource for information on all things auto-enrolment. Its website is to be commended for providing access to all manner of technical and practical help for firms and their financial advisers looking to meet their auto-enrolment obligations.
But one thing I had not realised, and which the very nice man was at pains to point out, was their role in ‘compliance’.
And yes, it is as North Korean as it sounds. While it might be an employer’s obligation to follow all the relevant rules, TPR has the power to “intervene” if it becomes aware of adviser firms giving incorrect information or advice, issue “targeting” letters (another North Korean concept) and in the worst cases bring criminal prosecutions. And you thought the FCA had unreasonable powers.
So, while the very nice man from TPR was at pains to point out how much he would like to help us, he was also keen to make sure I understood, and communicated to our members – as I am now sharing with you, dear readers – what the penalties could be for speaking on the subject of auto-enrolment without knowing what you are talking about.
So, either get involved and make very sure you know what you are doing, or steer well clear and develop a suitable professional connection to help your clients if required.
If there was any doubt before, there is none now: indecision is not an option, ignorance is most certainly not bliss and the middle ground, like that between North and South Korea, will be a deeply uncomfortable place to find yourself.
The middle ground, like that between North and South Korea, will be a deeply uncomfortable place to find yourselfGill Cardy is network development director of ValidPath
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