Halcyon Trustees, a new healthcare trust consultancy founded by industry experts, has launched.
Halcyon says its goal is to raise governance standards and improve beneficiary outcomes for both businesses and the members they safeguard.
John Dean and Elliott Hurst, industry leaders with over 60 years of experience in roles in the UK healthcare benefits market, are leading Halcyon Trustees.
Halcyon Trustees dean managing director says: “We have observed the evolution and development of the pension market and improvements in governance and member engagement following the Maxwell and Mirror Group Pension Scheme scandal. We feel the unregulated healthcare trust marketplace should focus on improving governance standards now to protect beneficiaries and employers before we see any movement by authorities to impose a costly regulatory framework on this marketplace.”
Mis-selling, training, regulation, and professional support are four thematic reasons for inadequate governance, according to Dean.
Halcyon Trustees consulting director Elliott Hurst says: “It has been quite an eye-opening experience for us both to see that so many arrangements in place have such poor governance and risk management standards. These poor standards could reflect badly on both the employer and the trustees, and, ultimately, may well detract from the benefits that employers offer to their people. For example trust deeds, trustee training, documentation and governance and independent trustees.”
Hurst adds says: “John and I have been delighted with the response we have received from the market. We will offer employers a range of solutions, from being an independent specialist trustee, through to being a sole trustee for employers who wish to fully outsource all trustee responsibilities.
Today, perhaps more than ever before, the role and scope of the healthcare benefits that employers offer to their people are, perhaps, of greater significance than at any time in recent history and operating plans within strong governance frameworks is vital.”
Dean adds: “We are looking forward to helping employers, trustee boards, advisers and administrators to improve standards, reduce risks and improve beneficiary outcomes.”