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Katharine Braddick has just assumed the senior position of the Treasury’s new Director General of Financial Services.
She is now responsible for all financial-related issues, the financial system, and financial stability at HM Treasury.
Braddick joined Treasury in 2014, previously holding numerous positions in financial services regulation.
Katharine Braddick was occupying the position of the director of prudential policy at the Prudential Regulation Authority between 2012 and 2014, having held the post of the Financial Services Authority’s head of prudential banking policy before that.
Katharine Braddick has substituted Charles Roxburgh, who was appointed to the second permanent secretary post in June.
The previous week, the Treasury scraped its plans for a secondary annuity market because of the worries customers would not receive proper protection. Simon Kirby, the Treasury economic secretary, said it is the clear fact that the Treasury could not provide insurance clients would get value for money in a market which is likely to shrink.
He also said that continuing to follow this police would mean putting clients in jeopardy — something he was “not prepared to do”.
Andrew Pennie, the Intelligent Pensions head of pathways, stated that the failure of the secondary market was “not such a bad thing” and probably “avoided an unnecessary distraction”.
He added: “With a relatively small percentage of people predicted to use the secondary annuity market, in the absence of value for the user I think it’s right the government has put this initiative to bed.”
“Perhaps now the government can refocus its resources on ensuring people don’t invest in the wrong retirement income strategy at the outset, which will require delivering greater individual support and much wider access and use of regulated advice.”
Martin Tilley, the director of Pension Technical Services at Dentons, commented on this saying that the masses would be frustrated with the government’s decision and also stated that the measure taken for ensuring customers’ safety was “likely to result in too many barriers and potentially costs being imposed”.
Tilley also said that it was “a think bubble that should have been popped” before it was divulged and potentially created false expectations for consumers.
The secondary annuity market was scheduled to be open on 6 April 2017 to enable people to sell their annuities and take their pension pot as a lump sum or place it into drawdown.