“I’m about the only person I know who actually said, ‘I’ll choose this career in this industry’.
“My dad was an old-fashioned insurance broker, who went around and spoke to people about pensions and savings and life assurance.
“When I graduated he said, ‘It’s a really good career, why don’t you [see] if you can join one of the big providers?’ He said Scottish Life is a really good provider and that’s why I applied to them.”
Meanwhile Vahey’s latest role sees her managing AJ Bell’s public policy strategy, focusing on government policy and regulatory developments, as well as co-ordinating the platform’s work with industry bodies and policy groups.
But what Vahey says she would like to see is a more joined-up approach.
“We’re all going in the same place, it’s just that there’s so much going on. I think my pensions wish list would really be if we can consolidate this and make sure that all these different elements come together. Because at the moment we feel like we’re speaking to one area of the FCA about one aspect, and then the FCA about another aspect – and all the dashboards.
“I think that the regulators and the government departments are trying hard to [bring all of these things together]. I think it’s what we all want, but it does sometimes feel a bit fragmented.”
The stronger nudge rules, however, are an area where there does appear to have been some co-ordination between the regulator and the government.
The FCA said it worked closely with the Department for Work and Pensions on the rules, because the latter was working on corresponding regulations for occupational pension schemes.
Like others in the industry, Vahey questions the timing of the stronger nudge.
“At the moment the rules are that we offer a guidance appointment just as people are about to take their money. Now, most people we have who come to AJ Bell and say, ‘I think I’m going to take my money’, they don’t wake up that morning and make that decision. That’s really rare.
“What happens is, people think about this for a long time and they have a look at the information we have, and what the Sunday papers say, and they’ll have words with their friends and colleagues. They’ll do lots of investigation.
“So at the point where they arrive at our door and say, ‘I’ve made a decision, I’m going to take my money,’ that’s not the point we should be saying, ‘Have you thought about getting in touch with Pension Wise? Because they offer really good guidance’.
