New priorities set by the FCA & TPR
25 April 2019
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) has set their priorities for the coming year for its joint action including reviewing whether pension schemes are providing sound information to consumers.
Within the FCA’s business plan for 2019/2020, published on 17 April, it outlined a number of key pension priorities for the coming year and laid out the steps it is taking to ensure maximum effectiveness and minimised costs for organisations.
“Scams and poor pension transfer advice present challenges to consumers, regulators and the sector” said the FCA.
So, it plans to set up a programme to understand and better identify the specific types of fraud and how they can be stopped while continuing to raise awareness through its ScamSmart campaign. There will be more focus on effective data analysis to identify issues in the sector and to try to reduce pension scams and fraudulent activity.
As part of this joint venture, they also plan to prioritise the supervision of defined benefit and DC transfer advice and maintain its current action on improving pension transfers, as well as working on the pension dashboard.