FCA is consulting on measures that will make it easier for governance committees to compare the value for money of pensions products and services, so the value for workplace pension scheme members can be better assessed. The paper includes proposals to specify a simple framework for the annual value for money assessment process.
Alongside the consultation FCA has published a review looking at how Independent Governance Committees and Governance Advisory Arrangements ensure members do receive value for money. The review was broadly positive, but found that those IGCs that lack the necessary independence were less likely to challenge for better value, and that GAAs operated by third parties were less effective at delivering meaningful improvements.
The consultation closes on 24 September.