The Government has announced that it is to legislate to tighten up the governance of the ever increasing numbers of master trusts entering the market. There is currently little regulation and growing concern that many have no appropriate insurance. The Pensions Regulator jointly with the Institute of Chartered Accountants in England and Wales has devised a voluntary badge of excellence (MAF accredited trusts) to allow trustees of these trusts to prove that they are managed to a high standard. TPR is expected to get proper regulatory powers to eradicate sub-standard trusts or force their compliance. A list of those with current MAF accreditation can be found on TPR's website.