Financial regulator fined for pension failings
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.