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Category - Pensions

FCA proposes 2 new duties for IGCs

The FCA is consulting on proposals to extend the remit of Independent Governance Committees (IGCs). The FCA proposes that IGCs, which provide independent oversight of the value for money offered by workplace personal...

FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...

Will SMCR hold up pension transfers?

Pension scheme members wishing to transfer their benefits from a defined benefit (DB) to a defined contribution (DC) pension arrangement have to take financial advice and trustees of DB schemes are required to check...

FCA looks at life beyond Brexit

In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019.  Firms that...

UK pension plan gets fraud victory in US

We have written an article on the litigation involving a UK pension plan and a US entity in which it had invested. The pension plan alleged securities fraud on the part of the investee company, and succeeded in winning...

FCA updates rules

FCA has made a number of amendments to various parts of its rulebook, including: amendments to COBS on information relating to pensions savings, taking effect from November 2019 and April 2020; introducing a Devolved...

BoE and FCA update on Brexit approach

BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...

ESMA creates Brexit page

ESMA has created a new web-page on Brexit, setting out how it is preparing for it.  Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository.  It aims to recognise all UK CCPs...

New FCA portal for mutual societies

The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and...

FCA publishes sector views

FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...

Single Financial Guidance Body launched

The Single Financial Guidance Body (SFGB) was launched on 3 January 2019. It brings together three existing providers of financial guidance – the Money Advice Service, the Pensions Advisory Service and Pension...

PRA consults on Brexit measures

As part of its preparation for onshoring EU legislation, the PRA has published CP32/18.  This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...

FCA final rules and guidance for CMCs

Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA...

FOS consults on plans for 2019/20

The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...

Consultation on Pensions Dashboard

The Department of Work and Pensions (DWP) is consulting on proposals to create an industry-led system of multiple dashboards which will allow millions of people to access their pension facts and figures from most...

DExEU publishes draft political declaration

On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...

FCA consults on fees and levies

FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...

DexEU announces Brexit progress

The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...

ESMA briefs on suitability

ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting...

Ombudsman News focuses on retirement

The latest edition of Ombudsman News looks at complaints and trends around pensions. Complaints about pensions make up a very small proportion of all complaints, but as a pension is so important to consumers, FOS has...

FCA writes to CEOs on SIPP due diligence

FCA has written a “Dear CEO” letter on the duties of SIPP operators in respect of due diligence. The letter refers to the judgement in the Berkeley Burke case and several other pending civil claims, and asks...

Treasury plans transitional regulatory tool

Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation...

FCA speaks on crises

Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply...

FCA consults on applying SM&CR to CMCs

The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April...

FSB launches peer review of LEIs

The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...

Treasury consults on pension cold calling ban

Treasury is consulting on a proposed ban on cold calling in relation to pensions. The consultation is a technical consultation on the wording of the legislation necessary to implement the ban, as the policy decision has...

CMA proposes pension investment reforms

CMA has published a report proposing several reforms to allay its concerns over competition in the investment consultancy and fiduciary management sectors. CMA was concerned that: many pension schemes (around half)...

ESMA confirms end of LEI grace period

ESMA has issued a statement confirming that the six month grace period granted to those required by MiFIR to have a Legal Entity Identifier (LEI), will end on 2 July 2017. ESMA will now work with national competent...

Pensions Regulator CEO to step down

The Chief Executive of the Pensions Regulator (TPR), Lesley Titcomb, is stepping down at the end of her four year term in February 2019. Since she became Chief Executive in 2015, TPR has focused on becoming a more...

Carillion inquiry criticises regulator

Carillion’s rise and spectacular fall was a story of “recklessness, hubris and greed”. Last week, the Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee published the final...

Tribunal agrees Box Clever support

The Upper Tribunal has decided that it is reasonable for the Pensions Regulator to require companies from the corporate group of ITV to provide support for the Box Clever Group Pension Scheme. The scheme has 2,800...