Pensions analysis: On 8 August 2024, the Financial Conduct Authority (FCA) launched a consultation (CP24/16) on detailed rules and guidance for a new value for money (VFM) framework for savers invested in default arrangements of workplace defined contribution (DC) pension schemes, which aims to reduce the number of savers with workplace personal pensions that are delivering poor value and drive better VFM across the workplace DC market through greater scrutiny and competition on long-term value rather than predominantly cost. Amanda Cooke, senior associate at CMS Cameron McKenna Nabarro Olswang, examines the FCA’s consultation paper.

The following trackers set out the consultation papers published by the Financial Conduct Authority (FCA) since 2013, along with the publication of any subsequent rules and guidance: • FCA consultation

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2013, 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) and Financial Services Authority (FSA) consultation papers, 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 Consumer creditDisclosure and transparencySupervisionFunds CP13/18: Quarterly Consultation Paper No. 3 The FCA proposed to:• make minor amendments relating to the transfer of consumer credit regulation from the Office of Fair Trading (OFT) to the FCA (chapter 2) • introduce an administrative charge to recover costs of dealing with late publication by listed issuers of periodic financial reports under the Disclosure and Transparency Rules (DTRs) (chapter 3) • extend the ability of authorised fund managers and others to communicate electronically with unit-holders, including through website-based communications (chapter 4), and • amend the procedure

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2014, 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) and Financial Services Authority (FSA) consultation papers, 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 BenchmarksLIBORMarkets and trading CP14/32: Bringing additional benchmarks into the regulatory and supervisory regime This consultation paper sought views on how the FCA’s generic approach to regulating benchmarks could be applied beyond the London Inter-Bank Offered Rate (LIBOR) to other benchmark administrators (and benchmark submitters as appropriate). At this point LIBOR was the only regulated benchmark.The Government’s Fair and Effective Markets Review (FEMR) terms of reference  recommended an additional seven benchmarks that should be regulated by the FCA. The Treasury subsequently consulted on the legislative measures to specify further benchmarks to be regulated and published feedback

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2015, 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) and Financial Services Authority (FSA) consultation papers, 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 Fees and levies Payment systems CP15/44: PSR regulatory fees 2016/17 This consultation includes information on the Payment Services Regulator (PSR)'s regulatory fees that relate to their functions and activities under the Financial Services (Banking Reform) Act 2013 (FSBRA), and the new EU Interchange Fee Regulation (IFR).The PSR were looking for feedback on their proposed approach to the allocation, calculation and collection of PSR fees for 2016/17. This document formed part of their annual cycle of fees consultation for 2016/17.The PSR’s Annual Funding Requirement (AFR) for the year 2016/17 was approximately £15m, which the

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2016, 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) and Financial Services Authority (FSA) consultation papers, 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 MiFID II CP16/43: Markets in Financial Instruments Directive II implementation—Consultation Paper IV This consultation paper dealt with a series of broadly technical Handbook changes that were not covered in the FCA’s previous Markets in Financial Instruments Directive 2014/65/EU (MiFID II) consultations.The proposals included:• specialist regimes—COBS 18 contains a number of tailored conduct regimes (covering MiFID and non-MiFID business) for specialist types of designated investment business. The FCA proposed changes to ensure that all relevant cross references in the Handbook are identified and updated where necessary and ensure appropriate decisions are made in relation

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt and earlier intervention remedies—feedback on CP17/10 and further consultation The consultation

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2018, 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) and Financial Services Authority (FSA) consultation papers, 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 BrexitPayment services and systems CP18/44: Brexit – Regulatory Technical Standards for Strong Customer Authentication and Common and Secure Open Standards of Communication The FCA published consultation paper 18/44 (CP18/44). CP18/44 follows CP18/25, where the FCA consulted on its proposals for implementing the requirements of the revised Payment Services Directive (PSD2) and associated EBA regulatory technical standards and guidelines, including the regulatory technical standards for strong customer authentication and common and secure open standards of communication (SCA-RTS). CP18/44 addresses the separate issue of EU withdrawal, and how the FCA proposes to make technical standards

This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, 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) and Financial Services Authority (FSA) consultation papers, 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 BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to be put on display—amendments to the Listing Rules to include a requirement mandating

ARCHIVED: This Practice Note is archived and is no longer maintained. This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2020, 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) and Financial Services Authority (FSA) consultation papers, 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 Prudential requirements CP20/24: A new UK prudential regime for MiFID investment firms The FCA published consultation paper CP20/24: A new UK prudential regime for MiFID investment firms which seeks views on the regulator’s proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR) for FCA prudentially-regulated investment firms (FCA investment firms). The draft rules will apply to any MIFID investment firms that are currently subject to any part of the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR).

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 2021, 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) and Financial Services Authority (FSA) consultation papers, 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 Consumer protection CP21/36: A new Consumer Duty: Feedback to CP21/13 and further consultation  The FCA published consultation paper CP21/36, A new Consumer Duty: Feedback to CP21/13 and further consultation. It sets out the FCA’s analysis of comments received on CP21/13 and the FCA’s revised proposals for a new Consumer Duty. The FCA expects to confirm any final rules by the end of July 2022. 7 December 2021 15 February 2022 PS22/9 (27 July 2022)Handbook Notice No 102 (31 July 2023) UK,

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 final policy—anticipated for Q2 2023—and would apply