The regulator's ‘second line of defence' for retirees will be extended to cover trust-based pension scheme members as well those in contract-based arrangements, peers have heard.
The Financial Conduct Authority (FCA) announced providers would be required to ask a specific set of questions and point customers towards regulated advice when they want to access their contract-based defined contribution pot under pensions freedom. It set out is position in a Dear CEO letter on Monday. The policy will now be extended to trust-based pension schemes, the government confirmed during a House of Lords debate on Tuesday. At present the FCA only regulates contract-based pension schemes. The Pensions Regulator (TPR) oversees all trust-based arrangements. Speaking on T...
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