On 10 March 2026, the Financial Conduct Authority (FCA) published its Regulatory Priorities report for the pensions sector.

Overview

The FCA is introducing 9 annual Regulatory Priorities reports to replace its portfolio letters. So far, the FCA has published Regulatory Priorities reports for insurance, consumer investments, and pensions.

Each report outlines the FCA’s priority areas of focus for firms in that sector. However, firms will need to consider which priorities and recommendations apply to them based on their business model, including other business lines that could be included in other Regulatory Priorities reports.

FCA priorities

The Regulatory Priorities report for the pensions sector includes the following priorities:

  • Ensuring well-run schemes that provide value for money to savers: The FCA explains that it expects the proposed workplace pensions Value for Money framework and the Government’s wider Pension Schemes Bill to help drive positive change and that it wants firms to engage in the development of these changes and prepare to implement and embed them in a way that best supports savers.
  • Encouraging effective support for consumers: The FCA sets out that it want firms to help consumers make informed decisions, particularly at key stages in the pensions journey, so they can make the most of the funds they have available and that it wants to support firms who wish to provide targeted support to do so, and also expects others to consider how they can better support non-advised consumer understanding and decision making as the market changes. The FCA also highlights that it considers that having the right support available will become even more important once pensions dashboards are available.
  • Supporting growth and innovation: The FCA further highlights that it intends to support growth and innovation through proportionate regulation and wants firms to be confident to consider opportunities for investment in private assets where they judge there is the potential for better long-term returns and diversification, while also recognising and managing related risks.
  • Modernising pensions and long-term savings: The FCA also wants to work with firms and wider stakeholders to resolve issues relating to ageing technology and difficult contacting customers, including those who have savings locked in older products, for the future benefit of both consumers and firms and is also considering how it can modernise its own regulatory framework to help firms support a better consumer journey.