There will be no transitional 'comply or explain' period for professional trustees to prepare for mandatory standards when they come into force later this year, a regulator-backed working group has announced.
Responses to the Professional Trustee Standards Working Group's consultation have flooded in. While the industry mostly welcomes the proposals, there is disagreement on some areas, writes Kim Kaveh.
Proposed standards for professional trustees due to come into force next year will be "too easy to game" and "a silly compliance exercise" if they are not accompanied by tangible metrics, Richard Butcher has warned.
Professional trustees will need to comply with six areas of standards from April or May next year under plans to bolster pension scheme governance.