The Financial Conduct Authority (FCA) has defended holes in its data collection involving Pension Wise usage and defined benefit (DB) transfers, in its new reporting rules for pension providers.
In the finalised rules published on Friday, the FCA said it would not collect data from Pension Wise regarding consumers who use the service but do not take action because it would not be "proportionate" for this to be made a reporting requirement. It said the data would not likely be "easily collectible or accurate", although it admitted it "could be interesting". Despite this, the regulator will still collect data on those who do take action with Pension Wise. The FCA will also not force occupational pension schemes to provide data because they are regulated by The Pensions Regulato...
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