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
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 30 November 2022, the FCA published a statement made by the Pensions Regulator, the Central Bank of Ireland and the Commission de Surveillance du Secteur Financier on the resilience of Liability Driven Investment (LDI) portfolios and the operational governance of pensions schemes using LDI strategies.
The statement sets forth that, the FCA