Pension transfer definition

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FCA consultation paper tracker—2022 [Archived]

FCA consultation paper tracker—2022 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. This tracker sets out the consultation papers published by the Financial Conduct Authority (FCA) in 2022, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation Authority (PRA) from 2017 and Financial Services Authority (FSA) consultation papers from 2008 to 2013, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Risk management and controls CP22/28 (PRA CP 15/22): Remuneration: Ratio between fixed and variable components of total remuneration The FCA and PRA are jointly consulting on removing the existing limits on the ratio between fixed and variable components of total remuneration (the ‘bonus cap’). The proposed changes resulting from this consultation paper (CP) would come into force the next calendar day after the publication of the...

Suitability Reporting Checklist

Suitability Reporting Checklist The suitability obligation All authorised firms are subject to a suitability obligation which requires them to take reasonable steps to ensure that personal recommendations or decisions to trade are suitable for their clients. The suitability obligation applies to: • firms who are providing investment advisory services, and • firms who are providing discretionary portfolio management services Firms who are providing non-advised investment services will be subject to the appropriateness obligation (see Practice Note: Appropriateness). Firms have to gather the information 'necessary' about their clients in relation to their: • knowledge and experience in the investment field relevant to the type of investment or service • financial situation, and • investment objectives For more information on the suitability obligation see Practice Note Suitability. When does the obligation to provide a suitability report apply? In certain circumstances firms are required to provide suitability reports to their clients under COBS 9.4. Firms must provide suitability reports to retail clients if the firm makes a personal recommendation...

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Individual transfers—DB occupational pension schemes

FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57.For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESThis Practice Note covers the considerations relevant when...

Training and competence—continuing professional development

Training and competence—continuing professional development All retail investment advisers, pension transfer specialists, persons involved in regulated funeral plan activities and relevant employees of firms involved in insurance distribution must meet the professional standards set and enforced by the Financial Conduct Authority (FCA), including a requirement to complete a minimum amount of appropriate continuing professional development (CPD) each year. This Practice Note gives an overview of the FCA’s CPD requirements as set out in the Training and Competence sourcebook (TC). 'Retail investment advisers' are defined as employees who: • give personal recommendations on securities (other than stakeholder pension schemes, personal pension schemes or broker funds) • give personal recommendations on derivatives • give personal recommendations on retail investment products (other than broker funds) • give personal recommendations on Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met) • give personal recommendations on and deal in securities (other than stakeholder pension schemes, personal pension schemes or broker funds) • give personal...

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Privacy notice for pension trustees—UK GDPR and Data Protection Act 2018 compliant

Privacy notice for pension trustees—UK GDPR and Data Protection Act 2018 compliant We ask that you read this privacy notice carefully as it contains important information about who we are, what personal data (information) we hold about you, how and why we collect, store and use it, how we may share this information and your rights in relation to your personal information. Who we are [[Insert name of trustee company] OR We] as trustees of the [insert name of the pension scheme] (the Scheme) collect, use and are responsible for certain personal information about you. When we do so we are regulated under the UK General Data Protection Regulation (the UK GDPR) and the Data Protection Act 2018. We are responsible as ‘controllers’ of that personal information for the purposes of those laws. As controllers, we must provide you with the information contained in this privacy notice. [The [Insert name of trustee company] (company number [Insert company registration number)] has its registered office at [Insert registered office...

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Court backing of FCA pensions ruling sends key message

Law360, Expert analysis: On 13 May 2025, the UK Upper Tribunal (UT) delivered its third and final decision in relation to the Financial Conduct Authority's (FCA) enforcement decisions against Toni Fox-Bryant and David Price, directors of CFP Management Ltd. Rachael Healey, partner, and Daniel Parkin, associate, at Reynolds Porter Chamberlain LLP discuss the significance of this case by highlighting the FCA’s enforcement priorities in the defined benefit (DB) pension transfer space, the personal accountability of senior individuals for systemic compliance failings, and the tribunal’s endorsement of the FCA’s approach to enforcement where advisory models are found to be fundamentally flawed.

Private Client weekly highlights—19 June 2025

This week’s edition of Private Client highlights includes: (1) tribunal finds rule 11(7)(b) errors in Mental Health detention proceedings (KH v Nottinghamshire Healthcare NHS Foundation Trust); (2) taxpayer wins £1.9m in a longstanding SDLT dispute (Candy v HMRC) and FTT rejects taxpayers’ claims for entrepreneurs’ relief (Moffat v HMRC); (3) a son’s proprietary estoppel claim fails (Grijns v Grijns); (4) discussion of the recent conviction of an art dealer for breach of counter-terrorism financing rules; (5) the Pensions Ombudsman rejects two member complaints involving transfers to pension liberation vehicles; and (6) the Data (Use and Access) Bill passes through Parliament and heads for Royal Assent.