FCA

The Pensions Ombudsman (TPO) and the Financial Ombudsman Service (FOS) have signed an updated version of their Memorandum of Understanding (MoU) to improve co-operation and exchange of complaints information.

Artemis IM, Hargreave Hale, Newton IM, River & Mercantile AM

Chris Sier has called on investment consultants to take the lead on disclosure of costs and charges as for too long asset managers have not put pension clients first.

Several changes made

Defined contribution (DC) occupational schemes will be forced to disclose to members costs and charges associated with investing their retirement pots, the government has announced.

One in eight people who received financial advice in the past 12 months claim to have been mis-sold an investment or pension product, according to a wide-ranging consumer survey by the Financial Conduct Authority (FCA).

Regulator does not want to 'incentivise short-termism'

Nearly half (47%) of advisers have seen an increase in clients disagreeing with defined benefit (DB) transfer recommendations, according to Momentum Pensions.

Rory Murphy, trustee chairman of the Merchant Navy Officers Pension Fund (MNOPF), says trustees must do more to share best practice in bid to improve outcomes.

The Lancashire County Pension Fund and the London Pensions Fund Authority have pooled £1.3bn of their existing credit investments into the Local Pension Partnership (LPP).