Seventeen years ago, a truly radical set of proposals emerged from HM Treasury.

Entitled Simplifying the taxation of pensions; increasing choice and flexibility for all, the aim was to sweep away eight different sets of tax rules, which the government admitted had made pensions hard to understand even for experts.

However, politicians were unable to resist tinkering. Once more we are enmeshed in a morass of complex tax legislation. Yes, we have more choice and flexibility, but simplicity is as far away as ever.

Meanwhile a huge regulatory framework has grown around consumer protection. Some has been beneficial: the downward pressure on charges for example. The rising profile of ‘compliance’ however has generated an increasing burden.

At a time when the need for financial advice is growing, availability is shrinking.

It’s time to pause and reflect on the direction of travel. We are already back where we were in 2002, in terms of unworkable complexity. The regulators are running rampant. A viable UK pensions industry is under threat.

A radical review is surely in the national interest. Perhaps we‘ve matured to the point where, as with lawyers and doctors, a new framework for self-regulation can be considered.

Maybe financial advice could be delivered through a national network modelled on Citizens Advice and the National Health Service?

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