The Financial Conduct Authority and The Pensions Regulator have launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement in the UK.
The strategy identifies key issues which contribute to the prospect of people not having adequate income, or the income they expected in retirement.
To tackle the main drivers of this harm, the FCA and TPR set out a vision for the pensions sector over the next 5 to 10 years. This includes making clear their areas of priorities and how to address fundamental changes in the sector.
The regulators have delivered a strategy that aims to provide pensions and retirement income products that support people and increase financial provision for later life; pensions that are well funded, well governed and deliver value for money; and which provide the tools to enable people to make well informed decisions.
The strategy also outlines a number of ways in which the FCA and TPR will work together going forward. This includes 2 new priority areas for joint action. The first is a strategic review of the entire consumer pensions journey – taking an in-depth look at what tools are needed to enable people to make considered decisions about their pensions. The second is using their powers to drive value for money for members of pension schemes, including the setting and enforcement of clear standards and principles where relevant.
Having already launched a joint campaign to combat the risk of savers being scammed out of their pensions, the 2 regulators are already well equipped to work collaboratively. However, the publication of this strategy marks a new stage in the evolution of both regulators, and in their working relationship.
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