Pensions

On 27 March 2024, the FCA published a Consultation Paper, CP24/4, setting out proposed guidance and changes to the regulatory framework for pensions dashboard service firms.

Background

Pensions dashboards will be digital interfaces which allow consumers to find their pensions and view basic information about them in one secure place. The Government has created the

On 20 February 2024, the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (the Order) was published, along with an explanatory memorandum. The Order amends the regulatory framework, to make operating a pension dashboard service which connects to the Money and Pensions Service (MaPS) dashboards digital architecture a

On 20 December 2023, there was published on legislation.gov.uk a draft of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024.

The draft Order makes operating a pension dashboard service which connects to the Money and Pensions Service dashboards digital architecture a regulated activity. Such dashboards will be provided by commercial

On 28 April 2023, the FCA published a new webpage on accepting pension transfer referrals from overseas advisers: UK authorised firms’ responsibilities.

The new webpage highlights the increased risks to consumers when overseas firms refer defined benefit scheme members to UK firms for pension transfer advice. The webpage also sets forth the FCA’s expectations of

On 30 March 2023, the FCA updated its webpage on Policy Statement 22/13: Calculating redress for non-compliant pension transfer advice.

The webpage has been updated to include a section on defined benefit (DB) pension transfer redress calculations.

The section clarifies the rules and guidance in DISP Appendix 4 that firms must use from

On 28 March 2023, HM Treasury published guidance explaining its plans to extend the pension fund clearing exemption and the exemptions for intragroup transactions.

HM Treasury intends to lay a statutory instrument extending:

  • the exemption for pension funds from the clearing obligation by a period of two years to 18 June 2025, through amendments to

On 1 December 2022, the FCA published Consultation Paper 22/25: Proposed regulatory framework for pensions dashboard service firms (CP22/25).

Proposals

In CP22/25, the FCA sets out its approach to supervision and enforcement for dashboard operators, including on fees, regulatory reporting, record keeping, prudential requirements and conduct rules.

Under the following proposals, dashboard operators