We and The Pensions Regulator (TPR) have published our update on our 2018 joint regulatory strategy for the pensions and retirement income sector. It outlines our progress on the strategy’s regulatory objectives and our next steps with TPR in light of our respective new strategic priorities.
Read regulatory strategy update
Summary
This update details joint work between the FCA and TPR going forward on the following areas:
- productive finance
- value for money
- regulatory framework for effective stewardship
- pension scams strategy
- Defined Benefit (DB) transfer advice
- DB schemes & transfer activity
- pensions dashboards
- supporting consumer decision-making
It explains the work undertaken since the 2018 regulatory strategy to achieve our joint regulatory objectives and provides an update on the operation of the 2019 Joint Protocol agreement between the FCA, TPR and the Money and Pensions Service.
Background
In 2018, the FCA and TPR published a joint regulatory strategy with the aim of strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement.
The strategy outlined areas of joint working for the FCA and TPR. These included two new priority areas for joint action, a strategic review of the entire consumer pensions journey and using our powers to drive value for money for members of pension schemes.
Who this is for
- pension providers
- pension trustees
- trade bodies
- consumers and consumer groups
- academics
- employers
Next steps
Our update sets out our eight ongoing joint workstreams with TPR. As part of this, we will:
- continue our work with TPR and the Department for Work and Pensions (DWP) to develop a consistent framework for assessing value for money
- work alongside TPR, the Financial Reporting Council and DWP to assess the stewardship regulatory framework next year
- continue supporting the Pensions Dashboards initiative
We will continue to work with all stakeholders to support savers to achieve good outcomes.