FCA targets pension providers in consumer value for money push

Will focus on decumulation from '22

Jenna Brown
clock • 2 min read
"Consumers have significant choice but also significant responsibilities when it comes to pensions. We want them to be able to make effective choices, though many consumers need support to achieve good long-term outcomes when faced with complex decisions." - FCA business plan
Image:

"Consumers have significant choice but also significant responsibilities when it comes to pensions. We want them to be able to make effective choices, though many consumers need support to achieve good long-term outcomes when faced with complex decisions." - FCA business plan

The regulator has set out its supervision focus for pensions with providers coming under scrutiny this year to ensure consumer value for money before shifting its focus to decumulation in 2022.

The Financial Conduct Authority (FCA) business plan, released on Thursday (15 July), said the watchdog would focus on product design during accumulation in the coming year. It also said that during...

To continue reading this article...

Join Professional Adviser

 

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

PPF called to compensate British Steel victims

PPF called to compensate British Steel victims

PIMFA consultation response

Hope William-Smith
clock 06 July 2022 • 3 min read
LV= said: "Due to property price inflation, mortgage terms today are much longer than they were historically, and therefore many people may find themselves at retirement age without having fully paid off their mortgage."

1.5m UK adults retire with outstanding home loans - LV=

'Navigating the cost of living crisis'

clock 24 June 2022 • 3 min read
Failing equity release regulation needs rethink - lang cat

Failing equity release regulation needs rethink - lang cat

FCA 'blind spot'

clock 14 June 2022 • 4 min read