On 12 December 2024, the Financial Conduct Authority (FCA) published a discussion paper, DP24/3, on Pensions: Adapting our requirements for a changing market, which seeks feedback on whether and what further changes might be needed to certain aspects of the pensions regulatory framework. 

The FCA explains that changes in the pensions market raise important questions about how the pension system can best support consumers, and flags that a programme of policy change across Government and regulators is underway. In this context, the FCA wants to stimulate a discussion on other areas of its regulatory framework that may need to evolve to better support consumers. Those areas are:

  • The regulatory framework that governs projections, tools and modellers.
  • Requirements for individual defined contribution pension transfers and consolidation.
  • The regulatory framework for self-invested personal pensions.

Next steps

The deadline for responding to DP24/3 is 27 February 2025.

The FCA plans to consider the responses and decide whether there is a case for making changes to its rules and guidance. If there is, it will then consult on any changes in the normal way.