The FCA and the Pensions Regulator have published a joint strategy outlining how they will work together to address changes in the pensions and retirement income sector. The joint strategy sets out four areas of focus: access and participation, funding and investments, governance and administration, and consumer understanding and decision-making.
The Regulators have prioritised the following two areas for their joint action:
- a strategic review of the entire consumer pensions journey to establish what tools are needed to enable people to make considered decisions about their pensions, and
- using their powers to drive value for money for pension scheme members.
The Regulators intend to review their joint strategy after three years, acknowledging that it needs to continue to evolve as the pensions environment changes.