All Financial Conduct Authority (FCA) articles – Page 8
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OpinionThe exodus from DB schemes continues to raise concerns
Buck’s principal and senior consulting actuary Mark van den Berghen details the latest changes in the pension transfer advice market and explains why trustees should consider appointing an independent financial adviser.
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NewsIndustry calls for more data clarity on pensions dashboards
The Pensions Dashboards Programme will launch new research into how data will be displayed, after concerns around the ability of schemes to supply estimated retirement income figures were raised by industry in a response to a call for input.
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NewsFCA opts for softer approach to charges comparison in DC schemes
The Financial Conduct Authority is taking a softer approach to cost and charges comparison requirements in defined contribution schemes after listening to industry feedback on its proposed rules.
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NewsBritish Steel payouts reach £21.5m
On the go: The Financial Services Compensation Scheme has paid out £21.5m to members of the British Steel Pension Scheme who were wrongly advised to transfer their defined benefit pensions, after payment figures have doubled in the past few months.
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NewsFCA to introduce ‘synthetic’ Libor to ease rate wind-down
On the go: The Financial Conduct Authority has announced that some key Libor panels will publish ‘synthetic’ rates to safeguard an “orderly wind-down” of the benchmark interest rates.
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NewsShould regulators take the lead on ESG in pensions?
The extent to which financial regulators should get involved in setting environmental, social and governance requirements is a hot topic, with some experts arguing that involvement could stifle innovation.
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News
Guidance needed to boost DC access to illiquid opportunities
New guidance on fund-level liquidity management is required to bolster illiquid investing by defined contribution schemes, the Bank of England has said, despite stopping short of recommending an overhaul of daily dealing requirements.
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News
Pension funds poised to help social housing crisis
The pension fund industry could deploy its capital and expertise to revitalise everyday services such as social housing and infrastructure, after ambitious government plans to grow sectors have fallen short in recent years.
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OpinionPension Awareness Week: It’s time to wake up the ‘sleepwalkers’
As Pension Awareness Week unfolds, The Investing and Saving Alliance’s head of retirement, Renny Biggins, warns that schemes need to increase engagement with their members as delays to auto-enrolment changes are to be expected.
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FeaturesGuidance ‘stronger nudge’ could lead to poor member experience
The proposed rules requiring trustees and scheme managers to “nudge” individuals to obtain guidance when accessing their pension will cause administration mayhem and could lead to poor member experience, industry experts have warned.
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NewsFCA to review DB transfer redress guidance
On the go: The Financial Conduct Authority is preparing to review its redress guidance for unsuitable pension transfer advice by the end of the year and has clarified what it expects of financial advice companies in the meantime.
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NewsIntroducer fined after making thousands of cold calls
On the go: A Halifax-based company has been fined £50,000 by the Information Commissioner’s Office after making 97,000 marketing calls to people offering to review their pensions.
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NewsGovt urges pension schemes to invest in the UK recovery
Boris Johnson and Rishi Sunak have urged UK pension schemes to invest more in long-term UK assets with the goal of fuelling the recovery of the post-pandemic economy.
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NewsInvestors in line for £11m windfall as FCA wins Avacade case
On the go: The Financial Conduct Authority has won its case against unregulated introducer Alexandra Associates UK and its directors over the troubled transfer of £92m pension assets, after previous findings were upheld in the Court of Appeal.
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NewsIndustry bodies to set dashboards data matching standards
On the go: The Pensions Administration Standards Association will be working with the Pensions and Lifetime Saving Association and the Association of British Insurers to set up the standards for the pension dashboards data matching.
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NewsFCA to focus on driving value for money for savers
On the go: The Financial Conduct Authority is planning to access how to drive value for money in pensions during accumulation, its business plan for 2021-22 has revealed.
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NewsPensions dashboards staging timeline too ‘ambitious’
On the go: The Pensions and Lifetime Savings Association, while “fully supportive” of the goals of the Pensions Dashboards Programme, has argued that delivery against the proposed staging timeline appears ambitious.
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DB transfers fall as contingent charging ban bites
A combination of lockdown and the contingent charging ban has contributed to a record low rate of pension transfers, according to LCP.
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NewsFCA revamps scams campaign as further £2m lost to fraud
On the go: A total of £2.2m has been lost to pension scams in the first five months of 2021, with the Financial Conduct Authority warning that savers are nine times more likely to accept ‘advice’ from someone online than a stranger in person.
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NewsHymans warns over statement timescales as DWP consultation closes
On the go: As the Department for Work and Pensions closes its consultation on simpler annual benefit statements on Tuesday, investment consultancy Hymans Robertson has called for more time to implement the changes.