FCA sets out new rules for IGCs to assess value-for-money in workplace pension schemes

First VFM report by September 2022

clock • 2 min read

The Financial Conduct Authority has published a policy statement and introduced rules for setting up a more transparent value-for-money (VFM) assessment framework across the workplace pensions market.

To ensure pensions recipients receive the best possible offer in terms of VFM, the authority surveyed people within the industry, employing their feedback on its proposals.  The introduction of the new measures is intended for the independent governance committees (IGCs) to provide an informed challenge to providers to address poor VFM, while promoting some competitiveness among VFM providers. The regulator and industry sector agreed that 'costs and charges should not be assessed in isolation', the FCA said. IGCs should promptly act when a provider has higher costs and charges are n...

To continue reading this article...

Join Professional Adviser for free

  • 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 Your profession

Barclays and AJ Bell eye targeted support offerings

Barclays and AJ Bell eye targeted support offerings

Exclusive: Firms waiting for FCA approval

Sophia Panayi
clock 08 July 2026 • 2 min read
CII launches vulnerability data sharing taskforce

CII launches vulnerability data sharing taskforce

Established three working groups

Sophia Panayi
clock 08 July 2026 • 2 min read
UK financial services M&A outpaces global deals in H1 as value surges eightfold

UK financial services M&A outpaces global deals in H1 as value surges eightfold

EY analysis

clock 07 July 2026 • 2 min read