FCA
TPR updates DB transfer guidance for trustees
Defined benefit (DB) trustees are now required to contact financial advice firms to ensure staff providing advice to a members are compliant under new adviser rules before carrying out a transfer exercise.
Milestone for Star Initiative as it reaches 50 participants
Capita has signed up to the government-backed Star Initiative, taking its total number of participants to 50.
Pension scam victims 'lose 22 years of savings in 24 hours'
Pension scam victims could lose an average of 22 years of savings in 24 hours, according to research by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).
Contingent charging ban proposal gets mixed responses in FCA consultation
The FCA’s consultation on banning contingent charging on DB transfer advice has closed. Kim Kaveh looks at the industry’s responses.
Time to get serious on defeating scams
With the law not adequately protecting savers from scams, the pensions industry must be more direct with members about the risks of transfers, says Margaret Snowdon.
Sailing the Strait of Hormuz
Without proper support from pension professionals, savers are left vulnerable to attacks on all sides, says Henry Tapper.
Pension freedom withdrawals reach £30bn
Over £30bn has been withdrawn from pension pots since Freedom and Choice was introduced in 2015 for those aged over 55, according to latest data from HM Revenue and Customs (HMRC).
AMNT urges FCA to respond to its investment stewardship complaint
The Association of Member Nominated Trustees (AMNT) has called on the Financial Conduct Authority (FCA) to respond to a complaint it made in May regarding investment stewardship.
Revamped wake-up packs 'still not enough' for savers
Simplified, one-page pension wake-up packs launched last week, but the industry does not agree that they will make much difference to members’ saving attitudes. Holly Roach reports
Robin Ellison: Why we must 'strenuously resist' TPR's demand for more cash
The volume of regulation and the cost of regulators has risen sharply over the past decade. Robin Ellison asks if it is time for a rethink.
FCA fines Prudential £23.9m for non-advised annuity sale failures
The Financial Conduct Authority (FCA) has fined Prudential £23.9m for failures relating to non-advised sales of annuities.
Plans for transfer rules undermine freedoms
Requiring pension freedoms users to transfer their funds into a workplace pension scheme could damage savings further, says Baroness Ros Altmann.
Star: Defining and demonstrating transfer excellence
Schemes already face a legislative requirement to carry out transfers promptly and efficiently, so they should voluntarily get on board with the industry-developed solution, says Tom McPhail
Will LEBC's market withdrawal impact DB de-risking?
As one of the biggest IFA firms withdraws from the transfer market, Kim Kaveh gauges views on whether the move will impact scheme de-risking plans.
Industry in agreement on banning contingent charging
The majority of this week's Pensions Buzz respondents agreed with the Financial Conduct Authority's (FCA) proposal to ban contingent charging on defined benefit (DB) transfer advice.
Five million scheme members at risk of falling prey to scammers
Five million pension savers could be putting their retirement pots at risk to scammers, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) warn as part of their latest ScamSmart campaign.
Reaction: FCA contingent charging ban proposal welcomed by industry but challenges remain
The industry has broadly praised the Financial Conduct Authority's (FCA) proposal to ban contingent charging on defined benefit (DB) transfer advice as a move towards improving retirement outcomes.
FCA to implement compulsory investment pathways for non-advised drawdown
Defined contribution (DC) drawdown providers will have to offer non-advised consumers investment pathways from August 2020, the Financial Conduct Authority (FCA) says.
FCA weighs up U-turn to ban contingent charging on DB transfers
The Financial Conduct Authority (FCA) is consulting on plans to ban contingent charging on defined benefit (DB) transfer advice for the second time in less than a year.
Pension transfers pass £60bn mark
Pension transfers have passed the £60bn mark as more than a third of a million people access their defined benefit (DB) pots, a Freedom of Information (FOI) request has revealed.
FCA fines Standard Life Assurance £31m for non-advised annuity sales failures
The Financial Conduct Authority (FCA) has fined Standard Life Assurance (SLA) nearly £31m after its practices led to conflicts of interest and SLA employees putting their financial needs above those of the firm's customers.
FCA Pension Plan slashes deficit by 28%
The deficit in the Financial Conduct Authority's (FCA) defined benefit (DB) scheme fell by £32.3m over the course of the year to 31 March this year, the watchdog has revealed.
TPR sets up industry group for enhanced law on climate change disclosure
Pension fund investors could face further disclosure requirements on ESG matters as an industry working group considers fresh law for trustees for as soon as next year.
Boris Johnson would be detrimental to pensions as PM, say Buzz peers
Boris Johnson would be detrimental to pensions if he becomes prime minister later this month, a majority of Buzz respondents said.
