Pensions regulator to share DB transfer intelligence with FCA

The Pensions Regulator has agreed to share market intelligence on defined benefit transfers on a regular basis with the FCA and The Pensions Advisory Service so trustees can ensure members fully understand the risks involved.

In a new formal agreement, TPR will share its reports on DB market intelligence roughly every two weeks with the FCA and TPAS, while monthly conference calls will also take place between the trio.

In addition, they will meet quarterly with the Pension Protection Fund to discuss any live issues or areas of concern.

A template letter has been created for pension scheme trustees clarifying their obligations, as well as a template letter to be sent to members when they ask for a transfer value quote with important points to consider and where to seek impartial guidance.

When TPR has agreed that a pension scheme needs to be restructured, it has agreed to inform the FCA and TPAS of the key issues involved.

The deal also lists that “where the FCA wants to contact a particular pension scheme directly to get information from the trustees on financial advisory firms advising on transferring out the scheme, it will first seek TPR’s agreement.”

The document also notes this co-operation will be extended to the new Single Financial Guidance Body that incorporates TPAS once its services become operational.

The “Memorandum of Understanding” adds to similar documents signed between the FCA and other bodies such as the Financial Ombudsman Service and the Pensions Ombudsman Service in recent years.

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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Surely, all the information on pension transfer activity that the FCA should reasonably need (and, if appropriate, investigate/act upon) should be readily available to it by way of its GABRIEL/RMA returns? Isn’t that what they should be for?

    • No Julian, RMAR/Gabriel is for accounting purposes IE -: so the FCA know how much they can take from industry companies to feed their insatiable spending !
      Do be fooled, the other data, its a red herring, collected for the sake of showing its doing its job
      Its akin to, buying the whole album, when all you want is one song ! yeah 12 tracks but the FCA only want to listen to one “Money for nothing” ! the rest are redundant.

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