Nausicaa Delfas, CEO of The Pensions Regulator, emphasized at a conference that as the master trust market grows, a prudential-style regulation is necessary to protect savers from systemic risks.
"We are shifting to a more prudential-style of regulation, addressing risks not just at an individual scheme level, but also those risks which impact the wider financial ecosystem," said Ms. Delfas.
Ms. Delfas pointed out that 47 administrators now cover 90% of memberships, and 10 professional trustee firms manage over £1 trillion in assets, indicating a significant market concentration.
"We are entering a different era of regulation which protects, enhances and innovates in savers' interests, so that all savers - from every walk of life - can get good retirement outcomes from pensions," she noted.
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