Trustees ‘lack expertise’ former regulator claims

A lack of expertise among pension trustees is preventing many schemes from
dealing effectively with the current crisis, according to the former chairman of
the Financial Reporting Council.

Sir Bryan Nicholson, who stepped down as the head of the regulator at the end
of last year, told the Financial Times: ‘Although the situation is much
improved, there is still [concern] in my mind that many trustees of pension
funds don’t really know what they’re doing.’

Sir Bryan, a former trustee of a fund himself, said he does not want to
criticise individuals, but they are often lay people who are unable to give the
time needed to the role.

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