On 15 November 2024, the Financial Conduct Authority (FCA), Information Commissioner’s Office and the Pension Regulator (TPR) issued a statement that is designed to provide some additional clarity for firms and pension scheme trustees to support their customers’ decision-making through their communications, in line with the FCA Consumer Duty and TPR’s Code of Practice and guidance.

In summary:

  • Firms can provide regulatory communication messages to retail customers and pension scheme members that provide neutral, factual information that supports them to make informed decisions about retail investments and pensions options, including at retirement.
  • UK data protection laws, including the UK General Data Protection Regulation, the Data Protection Act 2018 and the Privacy and Electronic Communications Regulations 2003, do not stop firms from sending these regulatory communications. However, firms must ensure that they comply with data protection requirements.