Financial Conduct Authority
Pension Awareness Week 2020: Savers 'ignoring' schemes' fraud warnings
Warnings from pension companies to savers who are looking to transfer their pension somewhere that does not look right are often ignored, says Phoenix Group.
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.
Calls for greater trustee power as WPC scam inquiry consultation closes
Trustees need to be given the choice to directly refuse pension transfers if the industry is to properly plug the proliferation of scams, the Work and Pensions Committee (WPC) has been told.
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?
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.
Schemes face 'multi-million pound' dashboard compliance bill
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).
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.
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.
EValue launches investment pathway solutions
EValue has launched a range of investment pathway solutions ahead of the implementation deadline next February.
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 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.
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.
Andrew Bailey: BoE readying further 'unprecedented' response to coronavirus crisis
The Bank of England (BoE) is "ready to do more" to fight the economic consequences of the coronavirus pandemic and the measures put in place to tackle it, including further interest rate cuts and an expansion of its corporate financing facility, according...
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.
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.
Pulling together will get us through
Julian Mund says the pensions industry, regulators and government are all working together to mitigate the impact of Covid-19 on savers.
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...
Maps flags Covid-19 implications for pensions dashboard launch
The Money and Pensions Service (Maps) has published its first full report on progress on the pensions dashboard so far and has flagged “significant” delivery challenges in the face of the coronavirus pandemic.
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