25 September 2008
Xafinity Paymaster (XP) has expressed its concern that small
businesses will not have the resources necessary to cope with the
introduction of personal accounts and auto-enrolment when they are
introduced in 2012.
XP director, Clare Ward, said: "Almost four million people work
for companies that employ less than 10 people and they provide the
backbone for our economy. However, as they are small and normally
specialised they won't necessarily have financial skills with
respect to pensions, furthermore they are often difficult for
financial services companies to market to."
She added: "We are, therefore, extremely concerned that many
small businesses will be left without the necessary support and
might end up doing nothing. In order for companies not to risk
being fined we would like a simple process which could include a
default option and at a minimum must include a simple comparative
process akin to that used by the Financial Services Authority."
