FCA and TPR issue update to joint regulatory strategy

The Financial Conduct Authority and The Pensions Regulator have issued an update to their joint regulatory strategy.

The document provides a high-level update to the 2018 joint regulatory strategy for the pensions and retirement income sector. The update outlines how FCA and TPR are achieving the joint regulatory objectives in the strategy since its publication, and how they will continue to do so in the future.

It outlines eight joint workstreams – broad strategic areas that are the current and future focus for the FCA and TPR. These include:

• productive finance – a focus on long-term value
• value for money
• a regulatory framework for effective stewardship
• a pension scams strategy
• DB transfer advice
• DB schemes and transfer activity
• Pensions Dashboards
• supporting consumer decision-making throughout the pensions consumer journey
   

In a blog published today, Chair of TPR Sarah Smart writes: “I want to make a promise to savers. Whatever pension scheme you are saving into, FCA and TPR will do our very best to protect you from harm and ensure your scheme seeks to deliver real value for your investments.

“The only way we can make good on this promise is continued and deepened collaborative working with our closest partner, the FCA. That’s why today, together with the FCA, I’m pleased to publish an update to our joint regulatory strategy.”