CP19/10: Publishing and disclosing costs and charges to workplace pension scheme members and amendments to COBS

Open consultation: CP19/10
28/02/2019
28/02/2019
Consultation closes
28/05/2019

This consultation sets out our proposed rules to require scheme governance bodies to disclose costs and charges information on an ongoing basis to scheme members, to meet the duty the Pensions Act 2014 places on us. It also sets out some amendments to our COBS 19.8 rules, based on feedback to our Call for Input: PRIIPs Regulation – initial experiences with the new requirements.

Read CP19/10 (PDF)

The Pensions Act 2014 placed a duty on the FCA to make rules for publishing and disclosing costs and charges information for the workplace pension schemes we regulate. Since 3 January 2018, our rules have required asset managers to report costs and charges information to the operator, trustee or manager of workplace pension schemes.

We are publishing this consultation alongside the Feedback Statement to our Call for Input and two supervisory publications:

  1. Review of disclosure of costs by asset managers
  2. Review of disclosure of costs by retail intermediaries

Who this applies to

This consultation applies to those who are involved in FCA-regulated relevant schemes within the defined contribution (DC) workplace pensions market. This includes:

  • pension providers and asset managers
  • the governance bodies of pension schemes, such as Independent Governance Committees (IGCs), and their advisers
  • scheme members and their advisers
  • consumer representative groups

What you need to do

We want to hear your feedback on our proposals.

Please send us your comments by 28 May 2019.

Online response form

You can also:

  • email your responses to [email protected]
  • write to Donald Cranswick, Pensions and Funds Policy, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN

Next steps

Once the consultation is closed, we will consider the responses, and any other relevant developments before finalising our rules.