On 14 November 2024, HM Treasury issued a consultation setting out proposals to legislate for a minimum size and maximum number of Defined Contribution (DC) pension scheme default funds.
Policy
The Government believes that the future of the workplace DC market lies in fewer, bigger, better run schemes, with the scale and capability
On 7 November 2024, the Financial Conduct Authority (FCA) published a policy statement, PS24/15, setting out the regulatory framework for firms that operate pensions dashboard services.
Key takeaways
The FCA has published its final rules and guidance for firms operating a pensions dashboard service (or ‘PDS’) in the future. Presently
On 4 September 2024, theFinancialRegulators Complaints Commissioner published an update on complaints relating to the British Steel Pension Scheme (BSPS).
In the update, the Commissioner notes that during August 2024, it received further documents from the Financial Conduct Authority (FCA) to support its review of the FCA’s investigation files on the
The British Steel Pension Scheme (BSPS) saga continues to generate headlines with the redress scheme still in progress, enforcement action ongoing against advisers and complaints against the Financial Conduct Authority (FCA) currently under review. Most recently, as set out in more detail below:
On 8 August 2024, the Financial Conduct Authority (FCA) published Consultation Paper CP24/16: The Value for Money Framework. In CP24/16, the FCA is consulting on detailed rules and guidance for a new value for money (VFM) framework for savers invested in default arrangements of workplace defined contribution (DC)
On 17 July 2024, the Government published the King’s Speech 2024, which set out a list of proposed legislation including the Bank Resolution (Recapitalisation) Bill, the National Wealth Fund (NWF) Bill, the Pension Schemes Bill, and the Draft Audit Reform and Corporate Governance Bill.
Bank Resolution (Recapitalisation) Bill
This Bill is intended
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 13 March 2024, the Chief Executive of the Financial Conduct Authority (FCA), Nikhil Rathi, delivered a speech on the future of pensions at the JP Morgan Pensions and Savings Symposium.
Key points
Mr Rathi acknowledged that pensions auto-enrolment processes have been a success, but emphasised the importance of addressing the gaps and
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