A pensions industry standards initiative has received a boost with the announcement that over two thirds of brands are now engaged in raising standards.
Against mounting criticism of pensions, the PPIAB (pensions protection investments accreditation board) has announced that nine pension brands have been awarded the Raising Standards accreditation mark. Several other brands are also working towards meeting the tough new standards.
Chief Executive Sir Michael Bett said: "This achievement demonstrates how well-structured, voluntary regulation can ensure sustained industry commitment to raising standards. This is evident in continuous performance improvements."
Half of the market has received full accreditation, including Zurich Life, Scottish Widows and Friends Provident. The PPIAB plans to have assessed the entire market in the near future.
