You are here: Home - Retirement - Retirement planning - News -

Financial regulator fined for pension failings

0
Written by: Paloma Kubiak
27/01/2020
The Financial Conduct Authority – the watchdog which oversees the financial services industry – has been fined by another regulator for non-compliance when setting up a pension plan.

The Pensions Regulator (TPR) has fined the Financial Conduct Authority (FCA) £2,000 over a non-compliant Chair’s statement.

The FCA pension plan didn’t comply with the law because it didn’t include all the information it should have done.

It should have provided additional detail on the regular training that members receive, more historical detail on fund managers’ costs and charges for both default and non-default strategies, and should have stated the specific date on which the most recent review of the investment strategy had taken place.

An FCA spokesperson, said: “In considering the FCA Pension Plan’s application to become an authorised Master Trust, the Pensions Regulator reviewed its 2018 DC governance statement and ruled it contained insufficient detail.

“The FCA Pension Plan Trustee has apologised to members of the Plan, and reviewed systems and processes to ensure all the required information is available to members and the 2019 governance statement (provided in October) was fully compliant. The Plan’s application to become an authorised Master Trust has been approved.”

TPR has the power to set a mandatory fine of between £500 and £2,000 for non-compliant chair’s statements. The fine amount depends on the number of members in the scheme with money purchase benefits. The fine was payable between 1 July and 30 September 2019.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Millions of Sky customers face £36 bill hike

Sky TV and broadband customers will see bills rise by an average of £36 a year from April, the telecoms giant...
Millions of Sky customers face £36 bill hike

Klarna users charged on ‘fee-free’ spends

Klarna shoppers have been stung with fees using their credit cards under the interest-free buy now pay later o...
Klarna users charged on ‘fee-free’ spends

NS&I slashes Premium Bond prizes and savings rates

NS&I has announced a raft of cuts across its savings and bonds range while Premium Bonds holders will have...
NS&I slashes Premium Bond prizes and savings rates

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Thousands choose to stop receiving state pension

More than 14,000 people chose to stop receiving their state pension in 2018/19, research reveals.

Close