We react to joint regulator statement for long-term savings providers on communicating with customers

Rob Yuille, ABI Head of Long-Term Savings Policy said:

"Communicating effectively with customers is essential to help close the pension savings gap and ensure that more people can plan effectively for a comfortable retirement.

"By clarifying how long-term savings providers and pension scheme trustees should interpret the ICO's direct marketing and regulatory communications guidance, this important joint initiative from the regulators provides greater certainty for the industry and builds on the best practice approach they have taken for the Value for Money Framework, and the Advice Guidance Boundary Review. For over 18 months we've worked with government and regulators to highlight the interplay between ICO, FCA and TPR rules and guidance and we welcome today's joint statement.

"While some gaps remain, we're encouraged to see communications on pension contributions, consolidation and withdrawals specified as examples of regulatory communications that can be drafted in a way that is unlikely to be direct marketing. Ultimately, we see this statement as an important step on a longer journey to ensure long-term savings customers have the opportunity to receive helpful, engaging digital communications from their providers. It's encouraging to see that regulators recognise the importance of working together with industry to achieve this."