FIN.

Category - Pensions

FCA publishes updated complaints data

FCA has published its six-monthly set of data on complaints that firms receive.  Its latest findings include: a 7% decrease in complaints from H2 2016, with the 2.04m complaints being the lowest level since late 2016;...

FCA publishes requirements on SIPP operator

FCA has published the second supervisory notice it made in relation to DAC Pensions Limited, a small SIPP operator. The firm had accepted significant business from two EU-based introducers, operating in the UK under...

Final report issued on FCA complaint

The Complaints Commissioner has issued its final report in respect of a complaint made to the FCA – the complainant received what they considered to be an aggressive and threatening email from the FCA’s...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

FCA to make rules on pension schemes

New regulations made under the Financial Guidance and Claims Act 2018 (Act) mean that certain provisions of the Act relating to requirements to refer individuals to pensions guidance will come into force on 5 July 2021...

Pensions Dashboard call for input

The Pensions Dashboards Programme has called for input on plans for the staged compulsory connection of pension providers to the new ecosystem. The DWP, FCA and TPR have been involved in developing the proposals, which...

FCA Call for Input: Pensions Consumer Journey

The FCA has launched a call for input, to better understand consumer behaviour at key points in the pension saving journey. The FCA acknowledged that the pensions and retirement income markets have evolved significantly...

Dormant Assets Bill introduced in Lords

The Dormant Assets Bill has been introduced into the House of Lords and has had its first reading.  The Bill proposes expansions to the current scheme to include not only bank and building society assets, but also long...

FSCS confirms 2021/22 levy forecast

FSCS has confirmed its levy forecast for 2021/22 at £833m.  This is slightly lower than the indicative levy announced in January, partly because extensions of government support are likely to mean some firms will...

FCA consults on Pension Wise referrals

FCA has proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their pension. Currently, take up of Pension Wise guidance...

FCA confirms DB transfer guidance

FCA has confirmed its finalised guidance on DB transfers for advisers. The guidance does not show many changes from the version on which FCA consulted. It confirms FCA’s view that it is normally in the best...

FCA updates on DB transfer business

FCA has published data collected from firms on the DB pension advice market.  The data is already nearly a year old, covering an 18 month period to March 2020.  FCA stresses its continued belief that it is not in the...

HM Treasury extends consultation deadlines

Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...

ABI calls for advice charging overhaul

ABI says that nearly 75% of consumers say they will not pay for financial advice. It says the regulatory environment needs to adapt so that customers can get the advice they want and that is fit for purpose. It carried...

EIOPA finalises Pan-European Pension Product

EIOPA has provided the Commission with a set of draft RTS and ITS and its advice on delegated acts needed to implement the Pan-European Personal Pension Product framework.  It has already developed the PEPP KID and PEPP...

Consumer Panel mulls digital advertising

The Financial Services Consumer Panel has published a discussion paper on digital advertising in financial services.  It is deeply concerned about the use of “adtech” to create detailed profiles of...

FCA makes new rules

FCA has published a Handbook Notice covering the rules it made at its May and June Board meetings. changes to COBs in relation to pension transfers, introducing a ban on contingent charging in respect of most advice on...

FCA updates on Covid-19 delayed activities

FCA has confirmed some further delays to projects and extensions to proposed deadlines, in light of Covid-19. Various deadlines now postponed until later in 2020-or to 2021 include: The Directory of Certified Persons...

FCA consults on pensions value for money

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...

Treasury consults on BRRD2 implementation

Treasury is consulting on the UK implementation of BRRD2. The implementation date is 28 December 2020, so before the end of the Transitional Period.  Treasury proposes to implement all those parts of the Directive that...

FCA sets out new DB measures

FCA has published a package of measures to address weaknesses across the defined benefit transfer market. The key changes will: ban contingent charging in almost all circumstances. This will remove the conflict that an...

Compulsory FCA survey coming to firms

FCA is to send a survey by email with a link to 13,000 solo regulated firms,  aimed to helping FCA understand the impact of Covid 19 on regulated firms and their financial resilience, where the greatest impacts are for...

FCA updates guidance for pensions firms

The FCA has published an update for financial services firms operating in the pensions market. This represents an attempt to allow both the FCA and those firms to reprioritise resources towards preventing and reducing...

FCA Business Plan 20/21

The FCA published its business plan for the coming year this morning.  The plan focuses around 5 key priorities for the year.  It has been significantly reshaped because of coronavirus as it was intended to show the...

Regulator Covid-19 update 3 April

On 3 April: PRA and FCA updated dual-regulated firms on how their should deal with furloughing and compliance with the SMCR; EBA published guidelines on the criteria for public and private moratoria applied before 30...

FCA publishes annual sector views

The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...

ESMA outlines sustainable finance strategy

On 6 February, ESMA published its sustainable finance strategy which sets out how ESMA plans to focus on sustainability. ESMA’s key priorities include: completing the regulatory framework on transparency...

TPR fines FCA Pension Plan

The Pensions Regulator has fined the FCA Pension Plan £2,000 for a non-compliant chair’s statement, the maximum penalty which it can levy for this type of breach. The chair’s statement requires trustees of...

FSCS announces Plan and Budget

FSCS has published its full Plan and Budget for 2020/2021. As well as the indicative levy of £635m (£87m more than the current year, mainly because of a rise in SIPP operator claims) and management expenses budget of...

Bills not to progress due to election

Parliament has updated its webpages in respect of the Goods Mortgages Bill, the Pension Schemes Bill and the Financial Services Duty of Care Bill.  The 2017-2019 Parliamentary Session was dissolved on 6 November ahead...

FCA makes new rules

FCA’s latest Handbook Notice summarises various instruments made at the end of September and October: the Overdrafts (Information and Tools) Instrument 2019 takes effect on various dates to 6 April 2020, and...

FCA issues statement for SIPP operators

The FCA has issued a statement following the administration of Berkeley Burke SIPP Administration Ltd (BB) and the administrator’s decision to discontinue BB’s judicial review appeal. BB was involved in...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

No strong case to merge Ombudsmen

“There is not a strong case to merge TPO and FOS at the present time” is the conclusion of a tailored review of the Pensions Ombudsman (TPO) published by the DWP.   A merger between the two Ombudsmen...

Regulators launch new ScamSmart campaign

The FCA and the Pensions Regulator are running another media campaign over the summer to warn the public about pension scams. With new research suggesting that 42% of pension savers are potentially at risk (which would...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

Tribunal refuses suspension application

Sussex Independent Financial Advisers Limited had applied to the Tribunal for a suspension of the FCA’s decision to vary its permission to remove all its permitted activities on the basis that the firm did not...

Updated FCA and PRA MoU published

The FCA and the PRA have updated the MoU setting out the relationship between the two regulators and the way in which they respectively operate, particularly in common areas. The MoU was first published at the time of...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...