Tag Archives: pensions

FCA updates on defined benefits concerns

FCA has updated on its work looking at how firms are advising customers on defined benefit pension transfers. It had noted the risks that many firms refer their customers to specialist transfer firms. FCA is concerned these transfer firms sometimes give advice without considering the receiving scheme or investments, or knowing the intentions of the […]

Treasury Committee letter to Chancellor on effect of Brexit on insurance contracts

The Treasury Committee has published a letter written to the Chancellor of the Exchequer highlighting the problem with insurance contracts sold under passporting arrangements with a duration beyond 29 March 2019. The Chair of the Treasury Committee explains that without further action, insurers will lose the right to service these contracts and there may be insufficient time to […]

Treasury responds on pension scams

Treasury has confirmed its plans to ban cold calling, emails and texts in respect of private pensions as part of its measures to address pension scams.  It will also tighten rules to ensure that only active companies which produce up-to-date accounts can register pension schemes and introduce measures to help prevent money being transferred from […]

FCA Regulation Round-Up for July

The FCA published its July edition of Regulation Round-Up this week.  Highlights of some of the “hot topics” covered include: interim report of the FCA’s Retirement Outcomes Review; the publication of the final report on its asset management market study; the publication of the MiFID II policy statement and consultation paper VI; first undertaking received under […]

FCA publishes retirement income report

FCA has published the interim report on its retirement outcomes review, in which it looks at how the retirement income market has evolved since introduction of the pension freedoms. FCA’s findings to date have included evidence that consumers welcome the new freedoms – for example, it is now the norm to access pots early, with […]

FCA publishes pensions lifestyle strategy review

FCA has published the findings from its review of life insurers’ pension lifestyle investment strategies. It had asked 13 insurers what their approach was to these strategies in the light of the 2015 pension reforms and how consumer behaviour had changed as a result. FCA found that firms use different names for the books they operate, […]

eiopa to publish guidance on sound principles for authorisation and supervision in light of brexit

EIOPA’s (European Insurance and Occupational Pensions Authority) head of policy, Manuela Zweimuller, has announced at a conference that EIOPA will publish the guidance with a view to arming national regulators against the risk of regulatory arbitrage that may be on the radar of member state politicians.        

FSCS confirms £363m levy for 2017/18

FSCS has announced its levy for 2017/18. The £363m is less than forecast in the FSCS’ 2017/18 Plan and Budget in January, but more than the 2016/17 levy. The 2017/18 levy includes: no change to the £100m levy on life and pensions advisers; £5m more to be paid general insurance intermediaries than FSCS forecast in January; and […]

Government consults on single body for public financial guidance

The Treasury has issued a consultation on proposals to establish a single advisory body to replace, and bridge perceived gaps between, the Money Advice Service, the Pensions Advisory Service and ‘Pension Wise’ guidance form the Department of Work and Pensions. The new statutory body will bring together pensions guidance, money guidance and debt advice, and will have […]