PBR - FSA to clamp down on OMO failings

The report says the FSA will seek management information from the worst performing pensions providers. It will then assess its findings against the treating customers fairly (TCF) principle and review firms’ progress next year. The FSA will make clear that all providers should collect and monitor management information on performance in transferring funds under the OMO, as an integral part of ensuring their compliance with TCF principles. It will also review pension saving providers’ maturity literature against its TCF principle to see how effectively the OMO is being communicated to cons...