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In their podcast on the VFM consultation, Darren and Nico joke that VFM is the most eagerly awaited consultation since the last eagerly awaited consultation. The lads were tongue in cheek but I’d like to sprinkle a little gravity here. Providing VFM is our consumer duty and the VFM consultation has the potential to do for DC pensions what the FCA’s Consumer Duty is doing to retail distribution. Put simply, it is our Consumer Duty to provide VFM.

Which is why I’m so very proud to be hosting Des Healy, the architect of the VFM framework and author of much of the consultation. Des is a real human being, he supports Celtic, has a great family and anything but a typical civil servant.

Des Healy

He is why I am investing so much of my time and encouraging to spend at least an hour of your time listening to our conversation next Monday and asking Des your question.

My questions are evolving as I dig into the paper , chapter by chapter. I see new opportunities, new challenges, it is only now that I begin to understand the challenge of creating one way of doing things for all DC pensions – one way of regulating – one way of monitoring.

The Government has decided that before it increases the amount we pay into workplace pensions, it will make sure those pensions are fit for purpose, that is more than giving every master trust and GPP the green light, that is about rooting out failure and encouraging best practice, it means there will be casualties.

I’m very pleased that my friends and colleagues Darren and Nico have brought out a podcast on the paper which you can listen to from the link below. I understand that a further podcast is on its way featuring Cumbernauld’s finest – Gregg McClymont. More of that in due course.