FIN.

Category - Pensions

Tenet firms enter administration

The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either...

FCA updates on BSPS complaint action

The FCA has provided an update on the complaints it has been receiving about what it is doing, or not doing, in relation to the fallout from BSPS transfer advice. Although it has implemented a redress scheme and taken...

FCA speaks on the future of pensions

Nikil Rathi has spoken on pensions freedoms. He noted that, with the increasing flexibility consumers have on accessing their pensions savings, it is ever more important for the individual to be sure they are saving...

FCA speech: next steps for Consumer Duty

Nisha Arora (Director of Cross Cutting Policy and Strategy at the FCA) has delivered a speech on the Consumer Duty and the next steps for firms. The speech highlighted the following examples of good practice identified...

FCA bans pensions adviser

FCA has banned Paul Steel of Estate Matters Financial following its finding that he provided unsuitable advice to customers to transfer out of DB pension schemes, including the BSPS scheme. FCA has also brought High...

FSMB Report stage in Lords to start on 6 June

The Report stage of the FSM Bill is to start in the Lords on 6 June.  As previously reported, 3 days of sittings have been scheduled so far. On the first day, amendments to be debated include those on protecting the...

FCA warns firms on overseas referrals

FCA has warned firms of the risks to consumers when overseas firms refer DB scheme members living overseas to UK firms for pension transfer advice. The overseas adviser is usually wanting the scheme member to transfer...

FCA updates BSPS redress calculation tools

FCA has updated its website resources for firms needing to calculate redress due to former BSPS members.  FCA says its redress calculator will make calculations more consistent, ensure consumers get fair and quicker...

FCA publishes anonymous warning notices

FCA has published a “warning notice statement” which discloses that it gave two individuals warning notices in September 2022 of its intention to fine them in respect of conduct between 1 October 2015 and 31...

FCA updates BSPS tools for firms

FCA has updated its website summarising the steps firms involved in advice on BSPS transfers must take to comply with the FCA redress scheme. The page includes links to the DBAAT template and instructions, and notes...

FCA warns again about BSPS offers

FCA says it has now identified 15 more firms which have been making unsolicited offers to former BSPS members, in what it believes is a deliberate attempt to exclude them from the redress scheme that takes effect from...

Regulators consult on value for money

FCA, the DWP and the Pensions Regulator are seeking views on proposals to require trustees and managers of DC occupational pension schemes, and the providers and IGCs of workplace personal pension schemes to disclose...

FCA makes BSPS extended asset retention rules

FCA has confirmed its new rules that extend the asset retention requirement for firms who advised British Steel pension scheme members on transferring out.  The new rules, effective from 31 January (when the current...

FCA British Steel redress scheme challenged

FCA says a legal challenge has been launched to its decision to set up a redress scheme for former BSPS members. It says it will vigorously defend its scheme, which is is confident is appropriate.  It says firms should...

FCA makes new rules

FCA’s latest Handbook Update confirms the following new rules: the Non-Workplace Pensions Instrument, which takes effect from 1 December 2023 and puts in place changes designed to help non-workplace pension savers...

FCA fines adviser for unsuitable BSPS advice

FCA has fined Pembrokeshire Mortgage Centre Limited £2,354,331 for giving unsuitable advice to consumers to transfer out of the BSPS and other DB pension schemes. FCA found the firm, which is in liquidation, had advised...

FOS updates webpage on BSPS complaints

Following the publication of the FCA’s final BSPS redress scheme rules, FOS has published a press release and has updated its webpage on complaints relating to financial advice received in respect of transferring...

FCA publishes BSPS redress rules

FCA has published its final rules setting out how the redress scheme for former members of the BSPS who were given unsuitable advice on transferring out will operate.  There have been no significant changes following...

New FSMB Amendments published

The House of Commons has published an amendment paper for the FSM Bill, tabling two new additional clauses. The new clauses relate to stewardship reporting requirements for OPS and for large institutional investors...

FCA publishes H1 complaints data

FCA has published the complaints data for H1 2022, which shows: a 1% increase in complaints from the previous period (1.88m complaints) the biggest increase was in the decumulation and pensions group (15%) with a 5%...

Ombudsman News and new FOS UCIS pages

The latest edition of Ombudsman News highlights the recent complaints data we’ve previously reported on, and gives guidance on complaints relating to UCIS. FOS is seeing increasing complaints about advice to...

FOS publishes latest complaints data

FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...

FCA consults on transfer advice redress

FCA is consulting on updates to how it calculates redress for unsuitable DB pension transfer advice. The consultation: confirms that FCA has carried out a review that shows that the current methodology is appropriate...

Pensions consumer journey feedback statement

On 7 June 2022, the FCA and the Pensions Regulator published a feedback statement (FS) to their May 2021 joint call for input on the behaviour of consumers at key points in the pension saving journey. The aim was to...

FCA sets up BSPS information page

FCA has published a new page on its website in which it gives answers to requests for further clarification that it has received from respondents to its consultation on the British Steel Pension Scheme redress scheme...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FCA consults on expanding dormant assets scheme

On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme). The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then...

FCA uses emergency powers on BSPS advisers

FCA has made rules using its emergency powers to prevent firms taking steps to dispose of their assets to avoid paying compensation in relation to BSPS pension transfer advice. It says it is introducing the rules...

NAO reports on BSPS

The National Audit Office has published its report on its investigation into the British Steel Pension Scheme.  When BSPS was restructured in 2017 44,000 of its members had the opportunity to transfer out of the scheme...

Dormant Assets Act gets Royal Assent

The Dormant Assets Act got Royal Assent on 24 February,  The Act expands the scope of “dormant assets” that has encompassed cash in bank and building society accounts since 2008 to include a greater range of...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

FCA writes dear CEO letter to BSPS advisers

The FCA has published a dear CEO letter addressed to firms who advised British Steel Pension Scheme (BSPS) members between 1 March 2017 and 31 March 2018. The letter identifies the high levels of unsuitable pension...

FCA updates on rule changes

FCA’s latest Handbook Notice confirms, among other things: changes to SUP to clarify what FCA expects to see reported on form FIN-A changes to LIBOR rules (previously reported in FIN) and changes to the value...

ICO fines over pensions cold-calling

ICO has fined EB Associates Group (EBAG) £140,000 for instigating two IARs to make over 100,000 unsolicited direct marketing calls to consumers about occupational or personal pension schemes where the customers had not...

FCA publishes updated complaints data

FCA has published its six-monthly set of data on complaints that firms receive.  Its latest findings include: a 7% decrease in complaints from H2 2016, with the 2.04m complaints being the lowest level since late 2016;...

NAO updates on BSPS

The National Audit Office has set a timescale for reporting in Spring 2022 on its investigation into the activities FCA has undertaken to regulate financial advice in relation to the restructure of the British Steel...

FCA publishes requirements on SIPP operator

FCA has published the second supervisory notice it made in relation to DAC Pensions Limited, a small SIPP operator. The firm had accepted significant business from two EU-based introducers, operating in the UK under...

Final report issued on FCA complaint

The Complaints Commissioner has issued its final report in respect of a complaint made to the FCA – the complainant received what they considered to be an aggressive and threatening email from the FCA’s...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

FCA to make rules on pension schemes

New regulations made under the Financial Guidance and Claims Act 2018 (Act) mean that certain provisions of the Act relating to requirements to refer individuals to pensions guidance will come into force on 5 July 2021...

Pensions Dashboard call for input

The Pensions Dashboards Programme has called for input on plans for the staged compulsory connection of pension providers to the new ecosystem. The DWP, FCA and TPR have been involved in developing the proposals, which...

FCA Call for Input: Pensions Consumer Journey

The FCA has launched a call for input, to better understand consumer behaviour at key points in the pension saving journey. The FCA acknowledged that the pensions and retirement income markets have evolved significantly...

Dormant Assets Bill introduced in Lords

The Dormant Assets Bill has been introduced into the House of Lords and has had its first reading.  The Bill proposes expansions to the current scheme to include not only bank and building society assets, but also long...