All Financial Conduct Authority (FCA) articles – Page 11
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News
Counsell: Industry must ‘step up and protect savers’
On the go: Pension providers and trustees “must step up and protect savers using every possible means”, as the vulnerability of individuals to scams has increased due to the coronavirus pandemic, the Pensions Regulator chief executive has warned.
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PodcastsPodcast: Three-month DB contribution holiday ‘might not be enough’
Podcast: Measures introduced by the Pensions Regulator – which allow employers to freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus – might need to be reviewed, warned Emma Watkins, annuities director at Scottish Widows. However, she says the plan gives “breathing space to the most stressed pension schemes”, an opinion shared by Simon Kew, covenant adviser and former manager at the regulator.
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News
DB schemes to face major data exercise for dashboards
New requirements to translate defined benefit pensions into an annual income in today’s terms could mean trustees and administrators face a major data exercise to comply with the pensions dashboards, according to experts.
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News
FCA delays investment pathways for 6 months
On the go: The Financial Conduct Authority is delaying the introduction of investment pathways in drawdown for six months, as it cuts non-critical work amid the coronavirus pandemic.
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FCA launches investigation into decumulation advice
On the go: The Financial Conduct Authority will carry out an investigation into the suitability of pension decumulation advice.
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OpinionPension protections must not be victims of coronavirus
The coronavirus outbreak has had an unprecedented impact on the pensions sector.
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News
TPR urges trustees to work flexibly with administrators
On the go: The Pensions Regulator has updated its Covid-19 guidance for trustees, highlighting that the pandemic “is placing huge pressures on the administration of pension schemes”.
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News
Regulators warn over Covid-19 pension scams
On the go: Regulators have issued a warning that rising levels of vulnerability caused by the Covid-19 lockdown could see more savers targeted by scammers, as concerns about finances increase.
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OpinionThe biggest driver of change in DC
Data Crunch: Broadridge’s Jonathan Libre looks at recent changes in legislation in the defined contribution space and how these schemes have adapted to a fast-evolving world of requirements.
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OpinionSchemes at risk from dwindling IFA transfer market
It pays for schemes to beat the rush when looking for an independent financial adviser to handle projects such as liability management exercises, says Buck’s Mark van den Berghen, adding that in the current regulatory environment due diligence on IFAs is paramount.
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News
Industry questions regulators misalignment on chair statements
Analysis: Industry experts have questioned why regulators have taken different approaches when it comes to the disclosure of funds costs and charges in chair statements.
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PodcastsPodcast: Govt and regulators urged to review chair statements
Podcast: Government and regulators should rethink schemes’ chair statements, as they have become a regulatory compliance tool for the pensions industry, according to Darren Philp, director of policy and communications at Smart Pension, and Judith Fish, professional trustee at Dalriada Trustees. The experts discuss, among other subjects, the recent fine received by the Financial Conduct Authority from the Pensions Regulator due to pension failures.
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News
FCA drops cost requirement for all contract-based funds
On the go: The Financial Conduct Authority has ditched a requirement for workplace pension providers to disclose and illustrate the impact of charges on all of their defined contribution funds, after industry concerns were raised in consultation.
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OpinionFCA’s response to transfer scandal too little, too late
Recent revelations that the City watchdog has concerns about the majority of the £80bn market for providing pension transfer advice in the UK have triggered shock and anger across the industry. Quite rightly too.
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News
TPR fines FCA for pension failures
On the go: The Financial Conduct Authority has been ordered to pay a £2,000 fine by the Pensions Regulator for lack of details in its defined contribution scheme documentation.
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News
FCA launches pensions advice market review
On the go: The Financial Conduct Authority is set to embark on a fresh crackdown on financial advisers, where it will analyse whether savers are receiving unsuitable pensions advice.
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News
New rules for pension transfers to cost industry £1m
On the go: New rules to prevent scams are expected to cost the industry and employers about £1m in their first year and impact more than 160,000 pension transfers.
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News
Nest Invest gets green light from FCA
On the go: Nest Invest, the investment subsidiary created by the master trust alongside its move into private credit, has been authorised by the Financial Conduct Authority.
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OpinionWill open finance transform financial services?
Henry Tapper, chief executive of new pensions consolidator AgeWage, analyses how open finance will transform the way consumers view and interact with their pensions.
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OpinionAre IGCs up to challenge of new duties?
Last year came to an end with the Financial Conduct Authority taking steps to expand the role of governance committees charged with looking after the pensions of millions of workplace savers in the UK.