HISTORIC PRESS RELEASE : Gordon Brown and Alistair Darling Welcome launch of Sandler Review Consultation Document on Retail Savings [July 2001]

The press release issued by HM Treasury on 30 July 2001.

The Government welcomed the launch by the independent Sandler review of its consultation document, which was published today.

Gordon Brown MP, Chancellor of the Exchequer said:

“UK institutional investors control more than £1.5 trillion in assets, including half the quoted equity markets. Following on from Paul Myners’ review, the work that Ron Sandler is undertaking is the next important stage, in the process of reviewing the efficiency and flexibility of the savings and investment industries.

“Working closely with the FSA, Ron will be examining the forces and incentives which drive the retail savings industry and its approach to investment to see whether resources are being allocated efficiently and whether consumers are being well served.”

Alistair Darling MP, Secretary of State for Work and Pensions said:

“The vast bulk of this investment comes from pension schemes. We want to encourage more people to save for their retirement and to ensure that they receive value for money and a fair deal. Ron Sandler will be looking at ways in which customers can make more informed choices by having greater transparency and openness and as competitive a market as possible.  Ron Sandler’s wide-ranging review will complement the measures I have taken so far such as the 1% cap on stakeholder pension charges to get a better deal for the public.”