FCA
Industry raises significant concerns over FCA consultation on advising on pension transfers
The industry has raised serious concerns that Financial Conduct Authority (FCA) transfer advice proposals on illustrative figures could hamper schemes’ ability to help members to understand their retirement options and force many to take full regulated...
Aegon, Aviva, and Scottish Widows top 2020 workplace pension solutions and AE ratings
Offerings from Aegon, Aviva, and Scottish Widows have taken the crown in the Financial Technology Research Centre’s (FTRC) annual workplace pensions and auto-enrolment (AE) ratings.
TPR needs power to halt suspected fraudulent transfers, report urges
Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension and The Police Foundation have said.
Trustees told to step up as FCA contingent charging ban takes effect
Trustees are set to have an increased duty of care to ensure employees and members make informed choices when accessing their pension, according to Wealth At Work.
Countering the increased threat of pension scams
Pension scams are not new, but the number of pension scams has soared by 400% since the beginning of the COVID-19 pandemic. Tom Williams asks what is a trustee’s role in protecting members against pension scams?
Regulators have not yet got to grips with how to close down crooks, warns TTF
The Transparency Task Force (TTF) has questioned whether the Financial Conduct Authority (FCA) is “fit for purpose” following years of concern relating to the manner in which it exercises its investigative powers.
PFS warns of post-lockdown pension transfer request 'spike'
A potential surge in pension transfer requests as a result of the economic fallout from lockdown could see demand for advice rocket, putting increased pressure on the profession, the Personal Finance Society (PFS) has warned.
Pension transfers central in £30m worth of scam losses since 2017
Complaints filed with ActionFraud show a total of £30.8m has been lost to pension scammers in the last three years, say The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA).
Seven steps to prepare for investment pathways
As the deadline draws nearer for the implementation of investment pathways, Tim Jablonski sets out what IGCs and GAAs will need to scrutinise.
FCA investigating 165 Covid-19-related scams
The Financial Conduct Authority (FCA) is investigating 165 coronavirus-related scams, according to a freedom of information request (FOI) submitted by Parliament Street think tank’s cyber research team.
Legal & General signs annuity deal with PensionBee
Legal & General (L&G) has agreed a deal with PensionBee that will see its retirement income business provide annuities to the online pension provider’s customers.
Nicky Morgan among trio to join FSCS board
Baroness Nicky Morgan has been appointed as a non-executive director of the board of the Financial Services Compensation Scheme (FSCS) alongside Cathryn Riley and Wendy Williams.
Tideway stops DB pension transfer business
Adviser firm Tideway was told to cease all pension transfer advice business from 3 July 2020, after first being visited by the Financial Conduct Authority (FCA) about its defined benefit (DB) transfer operations in 2017.
FCA launches workplace pensions value for money consultation
The Financial Conduct Authority (FCA) will bring forward proposals designed to promote value for money for workplace pension schemes members, a consultation paper says.
FCA names LSE's Nikhil Rathi as chief executive
Nikhil Rathi has been appointed as chief executive of the Financial Conduct Authority (FCA) following Andrew Bailey’s move to the Bank of England as governor earlier this year.
Climate and coronavirus threaten high-quality actuarial work
The pensions industry’s regulators and key players have identified climate change and the Covid-19 pandemic as key risks to the sustainability of high-quality actuarial work.
FCA called to do more to protect DB and DC members from scams
The Pension Scams Industry Group (PSIG) has today (10 June) called on the Financial Conduct Authority (FCA) to consider further interventions to protect pension scheme members from scams.
People reaching pension freedoms age to peak this year
The number of people turning 55 and becoming eligible to use the pension freedoms will hit a peak of 941,000 this year, according to Aegon.
Seven pension bodies team up to reassure savers over Covid-19 concerns
Seven bodies with responsibility for protecting UK pension savers’ pots have joined forces to create an information guide to reassure scheme members amid concern about the impact of the Covid-19 crisis on financial wellbeing in the UK.
Engaging members on financial wellbeing
Charlotte Moore looks at industry efforts to why improving members' financial wellbeing and retirement planning is crucial in a crisis situation.
Two-thirds of pension firms cut gender pay gaps
Asset managers have made considerable improvements in their gender pay gaps, with an average narrowing of 2.6 percentage points, Professional Pensions analysis finds.
Should the UK's lowest-paid workers be auto-enrolled in pensions?
Jon Dean looks at whether the AE system can be adapted to meet low earners’ needs and lower financial resilience.
Legislation is holding back chair's statements
Maggie Williams looks at whether chair's statements are having the desired effects, and what lies in their future.
Five stories you may have missed this week
This week’s top stories included the Financial Conduct Authority saying there is a “significant risk of harm” in the long-term savings market caused by pension freedoms, and Standard Life and Zurich publishing their latest independent governance committee...
Most read
