All Financial Conduct Authority (FCA) articles – Page 11
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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.
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News
Trustees receive positive sign from ombudsman on scam checks
Trustees and administrators must maintain the utmost vigilance against scammers, industry experts warn, despite a Pensions Ombudsman determination on a £367,601 loss to fraudsters favouring the ceding pension scheme.
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News
IGCs face ‘huge challenges’ with extended oversight remits
The new rules coming into force for independent governance committees – taking oversight of the provider’s policy on environmental, social and governance factors, and guaranteeing the value for money of new investment pathway solutions – have been branded a “huge challenge” by industry experts.
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News
Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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News
Royal London issues guidance for trustees when appointing IFAs
On the go: There is no right answer to whether trustees should be appointing financial advisers to help members make retirement decisions. However, doing nothing is not a risk-free option, a new policy paper from Royal London and Eversheds Sutherland has stated.
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News
Regulator updates pension transfer guidance for trustees
On the go: Defined benefit trustees will need to contact financial advice firms to check if the adviser listed on members’ transfer documents is employed with them, new guidance from the Pensions Regulator stipulates.
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News
DC trustees eye master trusts for decumulation options
Data crunch: Trustee reluctance to offer in-house drawdown means single-employer defined contribution schemes may look to partner with a master trust to offer decumulation products to members, new analysis shows.
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News
FCA scam warning: 22 years of pension savings gone in 24 hours
On the go: Victims of pension scams lost an average of £82,000 to fraudsters last year, equivalent to 22 years’ worth of savings evaporating within 24 hours, according to the Pensions Regulator and the Financial Conduct Authority.