FIN.

FCA proposes new rules on disclosing administration charges and transaction costs for personal pension schemes

The FCA is consulting on new rules to require scheme governance bodies to publish and disclose information about administration charges and transaction costs to members of personal pension schemes. Similar provisions in respect of workplace occupational pension schemes came into force in April 2018.

FCA rules have required asset managers to report transaction costs and other charges to the operator, trustee or manager of workplace pension schemes since 3 January 2018. The proposed change will require scheme governance bodies, including Independent Governance Committees (IGCs), to disclose this information to scheme members on an ongoing basis.

The consultation closes on 28 May 2019.

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Gavin Ellison