The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have published a feedback statement in response to a call for input on what can be done to help engage consumers to make informed decisions that lead to better pension saving outcomes.
Responding to the feedback, TPR and FCA outlined work already ongoing to help improve the journey pension savers take.
- The FCA’s forthcoming Consumer Duty, signalling a step-change in approach for how firms engage with consumers
- The FCA’s intention to work with firms to explore what support they can give to customers in the context of consumers accessing their pensions within the current regulatory framework
- A future update to the joint strategy between TPR and the FCA outlining the shared strategic outcomes that will continue to draw the regulators focus in the years ahead
- TPR setting up three stakeholder panels covering savers, schemes and practitioners, and employers
- TPR’s intention to conduct an equality review to understand how well the market works for different groups of savers to inform regulatory responses
- TPR reviewing its ‘communicating to members’ section of the DC code-related guidance to provide more information on inclusivity, use of behavioural insights and timing of communication
- Signposting to relevant toolkits and guidance provided by MoneyHelper and others.
David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice, said: “The changing nature of work and retirement means there can’t be a one-size fits all approach to delivering good engagement with pensions and we look forward to working with industry on innovations that help deliver communications that work for all savers.
“As government, regulators and industry we should be clear on the outcomes we want to achieve and work towards enhancing and protecting all savers’ pensions.
“Respondents’ feedback confirmed the need for us to be explicit in our goals and reinforced the importance of driving value for money across the pensions saving journey. We will use these insights to guide our future work and help consumers make the most of their retirement savings.”