FCA disclosure panel forms new group with pensions focus

FCA working group head Chris Sier

The FCA panel in charge of creating a template to better disclose fund charges and costs has created an additional group to work on the complex data collection in the defined benefit and defined contribution pension space.

The institutional disclosure working group, chaired by transparency champion Chris Sier, has published an update on its work saying more needs to be done to clarify the data requirements and rules on the “potential significant differences” between DB and DC schemes.

In the update, issues were raised on the amount of data collection and dissemination in DB and DC, existing data delivery systems, implications for frequency of data collection, price discovery, the impacts of the different intermediation and distribution models and the FCA’s own rules on cost disclosure.

The panel has decided to create a sub-group to address these issues.

The independent panel was set up by the FCA in September following the package of remedies outlined in the regulator’s final report into the asset management industry.

In recent weeks, the group has met fund groups that agreed to test the template, which is now in a draft version.

The latest update on the group’s progress says the full “prototype” of the template has been shared with the panel members on request and that testing will continue as well as further feedback.


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