Legal News

TPR and FCA: pensions consumer journey feedback statement

Published on: 01 July 2022
Published by: LexisNexis
  • TPR and FCA: pensions consumer journey feedback statement
  • What was the background to the Call for Input?
  • What were the key themes from the feedback and what was the Regulators’ response?
  • Pensions journey
  • Enhancing engagement and support
  • Value for money by default
  • Drivers of ‘harm’ in the consumer journey
  • What are the next steps and what are the implications for pension schemes?

Article summary

Pensions analysis: The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) (together the Regulators) have published a joint feedback statement (FS22/3) following their Call for Input (CFI), which sought views on how they could help consumers make informed decisions leading to better pension saving outcomes. The Regulators’ response to the CFI sets out the consumers pensions ‘journey’, areas of improvement through better communications to savers and enabling good decisions through guidance or regulated advice, prioritising value for money in pension schemes, and targeting ‘harms’ in the consumer journey. The Regulators want firms to consider the needs of consumers and following this statement it will be a case of ‘watching this space’ to keep an eye out for any new regulations or guidance. Riccardo Bruno, associate at Arc Pensions Law, considers the feedback statement and the implications for pension schemes. or take a trial to read the full analysis.

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