Treasury has published a summary of responses to its consultation on making financial promotions in the workplace easier. Treasury had introduced an exemption from the financial promotion restriction to allow employers to promote pensions to their workforce, so long as certain conditions applied. It considered extending the exemption to:
- allow third party administators to whom employers outsource to benefit from the exclusion;
- cover also work-related insurance products; and
- generally treat share saver and share incentive plans the same as pensions when promoted by employers.
Respondents generally supported the first two proposals (in fact, Treasury has decided to include a wider range of insurance products) and no respondent thought the current FPO exemptions covering employee share schemes needed change. Treasury will now propose amending legislation to cover the first two points.