Providers to offer up new pensions data as FCA rules come into force

Pension providers will soon have to begin submitting two new sections in their regulatory return to help the FCA monitor evolving risks in the retirement income market.

Last year, the regulator set out plans to tighten up its data monitoring in the pensions space to stay on top of potential areas of consumer harm in an increasingly fragmented retirement space.

While the regulator had made ad hoc requests to providers, it decided to replace these with two regular additional sections to the Gabriel return, helping it to look at trends on firms’ market shares, product sales growth, and data on metrics such as consumer switching.

In a technical note yesterday, the FCA has confirmed that the two new sections, one on “retirement income flow data”, to be completed every six months, and the other on “retirement income stock data”, to be completed annually, will apply to firms with reporting periods ending on or after 30 September 2018, and will cover data from this April.

The flow data includes the number of transfers between providers, the value of assets from plans entering drawdown, how different distribution channels are used, and the use of advice and Pension Wise.

The stock data includes withdrawal values, the annual rate of withdrawal by pot size and age bands, and the use of advice for withdrawals.

The FCA previously estimated that it the total cost across providers to set up the reporting would be between £600,000 and £1.2m, with ongoing costs of between £500,000 and £900,000 a year thereafter.

Recommended

2

Tom Selby: We need to talk about life expectancy

The consequences of the European referendum result have been far-reaching and, in many ways, unquantifiable. We can make pretty well-educated guesses about the impact of the uncertainty created on economic growth based on declining business investment, for example, but we cannot know for sure where exactly the GDP line would have gone if the country […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
101

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Cinema-Reel-Movie-Film-Projector-700.jpg

Bankers and celebrities sue film tax scheme Ingenious

A group of 500 people have launched legal action against Ingenious Media saying they were misled about film investments that were later deemed to be tax avoidance by the government. According to Bloomberg, which cites court documents, employees from companies including Goldman Sachs, Lloyds Banking Group and HSBC are part of the action. British composer Andrew Lloyd-Webber is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com