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

'Nobody is big enough not to be bought'

'Nobody is big enough not to be bought'

Roderic Rennison on the future of deals in the advice industry

Isabel Baxter
clock 20 March 2026 • 1 min read
PA Awards 2026: Photos from the night

PA Awards 2026: Photos from the night

Celebrating the advice profession's best

Professional Adviser
clock 20 March 2026 • 1 min read
Feel Good Friday: PA Awards attendees raise £15,000 for Go Beyond

Feel Good Friday: PA Awards attendees raise £15,000 for Go Beyond

Best amount ever raised

Professional Adviser
clock 20 March 2026 • 1 min read