The Financial Sector Legislative Reforms Commission (FSLRC) has suggested bringing the fund management services offered by the EPFO,statutory provident and pension funds and other small savings scheme within the ambit of government regulation to ensure better protection to consumers.
In its final report,the commission has also called for a thorough review of laws that govern these agencies and schemes to make them compatible with laws drafted by the commission. At present,these schemes are regulated by separate legislations and are run by different ministries.
A working group of the FSLRC has suggested changes in norms for all retirement funds that would bring in parity between the EPFO and the pension regulator PFRDA.
While the EPFO offers life insurance,pension and provident funds,the PFRDA regulates pension savings under the New Pension Scheme.
In addition,LIC and other insurers offer pension products,regulated by the insurance regulator. Similarly,stock market regulator Sebi monitors pension funds offered by the mutual fund industry.