Laura WilesThe FCA has published a multi-firm review of Consumer Duty price and value practices in unit-linked pensions and savings. Overall, the review found that unit-linked products deliver fair value, but customers holding...
Category - Pensions
Pensions Dashboard outlines responses to daily MaPS reporting proposals
The Pensions Dashboard Programme has published the outcome of its reporting standards consultation, which proposed implementing daily reporting of data to the Money and Pensions Service (MaPS) via an API. Responses...
Emma RadmoreFCA updates on financial advisory market
The FCA has published its findings from its latest financial adviser survey. It surveyed over 4,000 firms and looked at data it holds on over 30,000 advisers. Key conclusions included: the market is broadly stable, as...
FCA to take further action against Hartley
The FCA plans to take further action against Hartley Pensions Limited, a SIPP operator which went into administration in 2022, and an individual involved with it. The FCA says the firm provided false and misleading...
Complaints Commissioner finds serious failings in FCA’s handling of British Steel Pension Scheme saga
The Financial Regulators Complaints Commission has issued its final report on allegations from former members of the British Steel Pension Scheme against the FCA. The report concluded that the handling of BSPS transfers...
FCA gives guidance on targeted support consumer segments
The FCA has published some practical examples of good and poor practice to help firms in making judgements when designing consumer segments in targeted support models. It stresses that the guidance is not a template...
FCA speaks on pensions and technology
Nikhil Rathi has made a speech on pensions and technology at the JP Morgan Pensions and Savings Symposium. The speech highlighted the potential of technology to transform how consumers see their pension savings, with...
FCA publishes Pensions Regulatory Priorities letter
The FCA has published the third in its series of Regulatory Priorities letters, this time for the pensions sector. The letter recognises that consumer needs must stay central while the current batch of reforms allow...
Pensions Dashboard consults on daily reporting via API
The Pensions Dashboard Programme is consulting on proposals to update its reporting standards to implement routine daily reporting of data to the Money and Pensions Service (MaPS) via an API. The current reporting...
Tribunal upholds FCA fine and ban on adviser
The Upper Tribunal has upheld the FCA’s decision to fine and ban a financial adviser. The FCA had decided Darren Reynolds had caused customers significant harm by acting dishonestly and showing a clear disregard...
Pensions Dashboard seeks views on how to deliver private sector dashboards
The Pensions Dashboard Programme is seeking views on how to best deliver private sector dashboards (PSDs). The immediate focus of the PDP remains the successful connection of providers and schemes, but it remains...
FCA consults further on value for money framework in workplace pensions
The FCA is consulting further on the value for money framework in workplace pensions. In particular, the paper proposes revisions to the way arrangements are assessed and compared in order to make the process more...
Tribunal finds for FCA in Reynolds limitation hearing
The Upper Tribunal has published its decision on a reference by Darren Reynolds relating to an FCA Warning Notice in which the FCA said it would ban and fine Mr Reynolds for failing to meet the fit and proper test. In...
FCA consults on improvements to digital pension planning tools
The FCA is consulting on rules to better support consumers using digital pension planning tools and making non-advised decisions to transfer Defined Contribution (DC) pensions. The consultation is informed by feedback...
Regulators update Regulatory Initiatives Grid
The latest edition of the Regulatory Initiatives Grid updates on timelines for 124 live initiatives across the 9 organisations covered by the grid. The press release heralding the publication highlights the themes of:...
Pensions Dashboard progressing well
MaPS has published a report including the findings from the mid-point of Phase 1 consumer testing of the Pensions Dashboard. Users are happy with the service and three-quarters of pension records are now connected to...
Regulators set out 2026 growth measures
The FCA has written to the Prime Minister setting out its growth measures planned for 2026. The ambitious package highlights that the FCA has met nearly all of the 50 commitments it promised to do this year, and that...
Pensions Dashboard user update
The Pensions Dashboard Programme has issued an update on who will be able to use pensions dashboards. It says most people should be able to, but is aware that younger people may find it hard to pass the verification...
Pensions Dashboard reminds providers and schemes of October 2026 deadline
The Pensions Dashboard Programme has reminded pensions providers and schemes that they have just under a year left to complete connection to the pensions dashboard ecosystem. The final deadline is 31 October 2026, and...
AIC criticises Government’s lack of progress on Pension Schemes Bill
The Association of Investment Companies (AIC) has expressed dissatisfaction at the Government’s lack of progress on the Pension Schemes Bill, which has not been amended during its passage through the House of...
FCA publishes pension transfer process review
The FCA has published the results from its multi-firm review of life insurers’ pension transfer process. The review followed concerns that consumers were complaining of slow transfer times. The FCA surveyed 18...
Michael LewisMansion House speech supports Leeds Reforms
The Chancellor’s Mansion House speech, delivered in the evening of 15 July, highlighted many of the Leeds reforms, and set out the Chancellor’s key priorities. She highlighted: for capital raising, recent changes to the...
Pensions Dashboard Programme updates on progress
The Pensions Dashboard Programme (PDP) has provided an update on the progress of the scheme, which launched in April 2025. Over 20m pension records have now been connected to the new platform, and the State Pension as...
FCA publishes targeted support proposals for investments and pensions
The FCA is consulting on how to provide targeted support to consumers in pensions and retail investments. The paper follows several announcements of the FCA’s desire to see people invest with more confidence in...
FCA launches investment advice assessment tool
The FCA has published a new Investment Advice Assessment Tool to help firms understand how it assesses suitability of investment advice and customer disclosures. The tool does not apply to retirement income or defined...
Tribunal approves FCA decision on ban and revised penalties for pensions directors
The Upper Tribunal has upheld the FCA’s decision to ban Toni Fox and David Price from working in financial services, revoke their senior management approvals, and impose substantial financial penalties. As directors of...
FCA publishes 2024 Financial Lives survey
The FCA has published findings from its 2024 Financial Lives survey. Key findings from the latest report include: 1 in 10 people have no cash savings at all, and another 21% have less than £1,000 to draw on in an...
First pension provider completes Dashboard connection
The Pensions Dashboard Programme has issued a progress report. The report highlights that the first provider completed its connection in April, and says that consumer testing of the MoneyHelper pensions dashboard will...
Gavin EllisonFirst pension provider connects to pensions dashboard system
The first pension provider has successfully connected to the live pensions dashboard system, following the DWP’s staged timetable. The development follows the three volunteer participant connection journeys...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
Treasury and FCA hold perimeter meeting
HM Treasury and the FCA have held their fourth annual meeting on issues relating to the regulatory perimeter. The meeting noted the government’s strong commitment to the FCA’s secondary competitiveness and...
FCA finishes consumer investment policy sprint
The FCA has concluded a 6-week policy sprint on new ways to assist consumers in making important investment decisions. The initiative is part of the FCA’s work on targeted support and bridging the gap between...
FCA speaks on investment culture and pensions savings
Nikhil Rathi has spoken on how to build a healthier investment culture in a world where consumers need more from their pensions but significant immediate investment is not possible. He focussed on the need for...
FCA publishes 5 year strategy
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
FCA evaluates results of DB market measures
The FCA has published a paper evaluating the results and lessons from its ban on contingent charging and other remedies in relation to the defined benefit transfer advice market. The FCA put the measures in place in...
HM Treasury confirms continuation of pension fund clearing exemption
Following a call for evidence in November 2023 on the exemption pension funds currently have from the obligation to clear certain derivates contracts at a central counterparty, HM Treasury has published responses from...
Treasury Committee asks whether LISA still fit for purpose
The Treasury Committee is asking for evidence on whether the LISA is still an appropriate financial product. The product was introduced in 2016, and has as its main benefit enabling under 40s to contribute up to £4,000...
Court refuses JR application on mis-advised SIPP investment
The High Court has refused an application for judicial review of the FSCS’s refusal to reconsider a compensation determination in respect of three investors who lost money after transferring funds from their...
FCA fines and bans a director and financial adviser for pension transfer advice
The FCA has banned and fined a director and financial adviser in relation to pension transfer advice failings. Richard Fenech was the sole director of Financial Solutions Midhurst Limited (FSML), responsible for...
FCA publishes discussion paper on pensions regulation
The FCA has published a discussion paper on adapting requirements in the pensions sector. The FCA noted that these is a programme of policy changes underway to this area of the market, but wants the paper to stimulate...
FCA consults on reforms to advice guidance boundary for pensions
As part of its Advice Guidance Boundary Review, the FCA is consulting on targeted support reforms for pensions. The FCA identified a gap in the market between regulated, holistic advice to individuals at one end, and...
FCA fines and bans another pensions adviser
The FCA has fined Philip Pryke nearly £1.4m and banned him for failings as a director, compliance officer and adviser at C&I, in relation to defined benefit pension scheme transfer advice during a 4 year period...
FCA updates on Advice Guidance Boundary review
Following the Mansion House speech, the FCA has updated on the next steps in its Advice Guidance Boundary Review. It is going to focus first on pensions, and will consult in December on high-level proposals for targeted...
FCA sets out final rules on pensions dashboard services
Following two consultations, the FCA has published its policy statement setting out the regulatory framework for pensions dashboard service (PDS) firms. In addition to the standards the FCA expects of all regulated...
FCA portfolio letter for SIPP operators
The latest in the current series of FCA portfolio supervision letters is aimed at the CEOs of SIPP operators. The FCA has recently completed its 2024 SIPP data request and will be using the information from it in its...
FCA bans more advisers over pension transfer advice
The FCA has banned two more individuals for pension advice transfer failings in respect of transferring out of defined benefit pension schemes, including the BSPS. It has also banned Steven Hodgson and Paul Adams from...
FCA urges innovative approach to pensions chats
The FCA has published research showing that it is hard to get people to engage with their pensions through email alone, even with careful thought about email headings and behavioural messaging. A trial attempting to...
FCA takes action for reckless pension transfer model
The FCA has published decisions against 3 individuals and fined and banned a fourth in relation to a pension transfer advice model that the FCA consider put guaranteed retirement benefits at risk. Its action relates to...
FCA consults on workplace pensions value for money
The FCA, DWP and the Pensions Regulator are planning a joint framework that pension providers and adviser could use to see more transparently how schemes are performing. They propose to compare schemes based on public...
Regulators update on BSPS actions
The FCA, FOS and FSCS have published a report looking at the actions taken and results from the BSPS Redress Scheme exercise, as it comes to an end. Overall: £8.7m has been paid out by firms or the FSCS (significantly...
King’s Speech 2024 outlines pensions and banking resolution measures
Among the list of legislative proposals referred to in the King’s Speech are bills designed to strengthen pension investment and enhance the UK’s banking resolution regime. The Pension Schemes Bill aims to...
Harry WellsRegulators publish Wider Implications Framework Annual Report
The 2023/24 Wider Implications Framework Annual Report from the FCA, FOS, FSCS, TPR and MaPS notes that during the period the report covers, the new duty in FSMA 2023 on the FCA, FOS and FSCS to cooperate on issues that...
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 bans pensions advisers
The FCA has published Decision Notices against two individuals for acting without integrity in relation to pensions business. The FCA has banned Stephen Burdett and James Goodchild from working in regulated financial...
Court of Appeal dismisses JR application over SIPP challenge
The Court of Appeal has dismissed an application from Options UK Personal Pensions LLP for judicial review of a FOS decision in respect of investments made into an execution only SIPP. The FOS had held that the firm...
NAO reports on pensions dashboard delay
The National Audit Office has published a report that looks at why the pensions dashboard programme introduction suffered delays. One key cause it identified is shortage of digital skills. The final connection deadline...
Government responds further on progress of Edinburgh reforms
The Government has published a second formal response to its December 2023 report on the progress of the Edinburgh reforms. This response is more detailed than the Government’s initial response and includes an...
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 consults further on pensions dashboard services
The FCA has published a further consultation ahead of the introduction of operating a pensions dashboard service as a new regulated activity. It has published new guidance that will be in PERG for relevant firms and is...
FCA calls for improvement in Retirement Income Advice
The FCA has published a Thematic Review and written to CEOs of financial advisers, asking them to assess the compliance of their retirement income advice, and take steps to address any shortcomings they find. It...
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 fines and bans over pension transfer advice and oversight
It’s been a while since the last published notice, but FCA continues to take action against firms and individuals relating to pension transfer advice. It has fined Inspirational Financial Management (in...
Chancellor announces reforms to pension fund disclosures
The Chancellor has announced reforms to pension funds disclosures in an attempt to increase investment in UK businesses and improve performance for savers. The reforms proposed include that: DC pension funds will be...
Pensions dashboard operation becomes regulated
“Operating a pensions dashboard service” which connects to the MAPS dashboards will become a regulated activity under the RAO with effect from 11 March. For these purposes, any pension in respect of which...
Pensions dashboard operation to become regulated activity
Treasury has published a draft Statutory Instrument that will make operating a pensions dashboard service that connects to the Money and Pensions Service dashboards digital architecture a new regulated activity. This...
EIOPA consults on greenwashing limitation guidance
EIOPA has published a consultation on its draft Opinion on sustainability claims and greenwashing. The aim of the Opinion is to achieve more effective and enhanced supervision of sustainability claims across Europe and...
FIN. TeamFCA demands action on retained interest on customers’ cash balances
FCA has written a ‘Dear CEO’ letter to investment platforms and SIPP operators setting out its concerns on the way they deal with any interest earned on customers’ cash balances. After surveying 42...
FCA consults on proposals for closing the advice gap
The FCA and Treasury have published a joint discussion paper (DP23/5) which outlines proposals to help people make more informed investment and pensions decisions. The proposals form part of the Advice Guidance Boundary...
Autumn Statement: financial regulatory issues
The Government’s Autumn Statement covered several new and ongoing actions relevant to the financial services sector, including: legislation to replace retained EU, mainly in the markets space (securitisations...
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 launches webpage on supporting customers with pension transfers
The FCA has published a new webpage which sets out information and guidance for firms on how to support vulnerable customers when providing pension transfer advice. Firms should be alert to potential indicators of...
Financial Lives conclusions make uncomfortable reading
FCA has published the results of its latest Financial Lives survey, which it says serve to highlight the importance of the Consumer Duty. During the year to May 2022: less than half of UK adults had confidence in the UK...
FCA reviews impact of investment pathways on consumer outcomes
The FCA has published its focused post-implementation review on investment pathways. The review focuses on rationale and take-up, value, communications and asset allocation for investment pathways, and how these could...
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...
FCA publishes BSPS adviser fines and information page
FCA has updated its website to include details of its approach to investigations into firms and individuals who provided unsuitable advice in the context of transferring out of the British Steel pension scheme –...
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 takes action against 3 more firms for BSPS settlement offers
FCA has taken action against Alpha Financial Services, QED Financial Associates and Harvest Associates, all of whom had made unsolicited offers of between £50 and £300 to over 90% of their clients, who had not yet...
FCA takes further action on BSPS advice and offers
FCA has taken action against a third firm that had made unsolicited offers to clients who had been BSPS members. David Stock & Co offered £50 to clients who had not yet complained. FCA has imposed requirements on...
FCA issues public censure to firm over pension transfer advice failings
FCA has issued a public censure to Lighthouse Advisory Services Limited following a finding of serious failings in relation to defined benefit pension transfer advice, especially in relation to BSPS. It found several...
FCA publishes portfolio letter for SIPP operators
FCA has published a portfolio letter to SIPP operators which sets out its view of the key harms in the SIPP operator portfolio, its expectation as to how firms should mitigate these harms, and how its expectations in...
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 publishes aggregate complaints data for H2 2022
FCA has published its overview of complaints in the second half of 2022. Overall it found: a decrease of 6% in complaints compared to H1, largely due to decreases in complaints about banking and credit cards, insurance...
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 updates on pension transfer redress calculations
FCA has updated its rules and guidance on calculating pension transfer redress, both to correct an error in the CPI stated and to clarify its rules on consequential losses and the valuation date.
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 asks for information on concerning pension transfer requests
FCA has asked pension schemes or trustees to report to them instances when they have had concerns about or have refused a pension transfer. It is seeking information on: individuals who provide unauthorised advice on...
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...
FSMB second day of Lords’ Committee hearing
The second day of debate in the Lords’ Grand Committee consisted of a lively debate on several proposed amendments, none of which have been taken forward. Topics debated were: creating offences for abuse of...
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 concerned about misleading BSPS redress offers
FCA has become aware that some firms are making unsolicited offers of redress to former BSPS members who have not made complaints. FCA feels this may be a deliberate attempt to exclude former members from the redress...
FCA starts thematic review of retirement income advice
FCA is undertaking some discovery work looking at how financial advisers are delivering advice on retirement income, with a view to assessing the quality of the outcomes consumers are getting. FCA says that since 2015...
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...
BoE publishes December 2022 Financial Stability Report
The Bank of England’s Financial Policy Committee (FPC) has published its December 2022 Financial Stability Report setting out its view on the stability of the UK financial system and what it is doing to remove or...
Stephen WilsonFCA and Pensions Regulator update on joint strategy
The FCA and The Pensions Regulator have provided an update on their 2018 joint regulatory strategy for the pensions and retirement income sector. The statement explains the regulators’ progress since 2018 and...
Dear CEO letter outlines strategy for financial advisers
The FCA has published a portfolio letter which sets out its supervisory strategy for financial advisers and intermediaries. The letter confirms that financial advisers are a key priority for the FCA and outlines the...
FCA quarterly consultation clarifies Consumer Duty application
FCA’s Quarterly Consultation proposes minor changes to various parts of its rules, including providing clarification on the Consumer Duty. The paper proposes: amendment to TC to include The London Institute of...
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...
FCA consults on pension dashboards and makes rules on non-workplace pensions
FCA has published proposals to enable pension dashboard operators to offer additional services that will improve engagement with pensions, provided they meet required standards. The additional services could include...
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...