Pensions Regulator and FSA will not merge

Pensions minister Steve Webb has ruled out merging the roles of The Pensions Regulator (TPR) and the Financial Services Authority (FSA).

Addressing the Department for Work and Pensions (DWP) select committee on 23 January, Webb said: “At a time of massive turmoil, the last thing we want is another regulator shake-up.

“There is also a risk that if The Pensions Regulator became part of the Financial Conduct Authority, the organisation which focuses on employers might get swallowed up and TPR’s work might become a lower priority.

“At the moment, I just can’t see the gain in doing it and I would need a lot of convincing to change my view.”

This was the final evidence session for the inquiry into governance and best practice in workplace pensions.