Last year, Charles Randell, the chair of the Financial Conduct Authority (FCA) remarked that, with hindsight, more could have been done to protect consumers from the risks introduced by freedom and choice.
Exactly a year ago, I blogged that the underpinning principle of our revised defined benefit (DB) funding code was that schemes should have the necessary long-term funding approach to ensure savers have the best chance of receiving the benefits they expect.