Following extensive engagement with stakeholders, the UK government, The Pensions Regulator (TPR), and the Financial Conduct Authority (FCA) are proposing a joint Value for Money (VfM) framework for default defined contribution (DC) workplace pension arrangements, with the collective aim of ensuring that these arrangements operate more effectively in the long-term best interests of members.
The FCA is consulting on the details of the framework, proposing a number of regulatory measures to enhance scrutiny over default and “quasi-default” arrangements, with certain exemptions. The FCA also aims to introduce new requirements for arrangements underperforming across various metrics relative to their peers.
In the brochure below, Michael O’Shea, Director of Government Relations and Public Policy, will discuss the FCA’s proposals aimed at enhancing the value delivered by default DC workplace pension arrangements. Key areas of focus include increasing transparency around investment performance, quality of services, costs and charges, and asset allocation. To ensure these arrangements consistently deliver value to members, the FCA also intends to strengthen existing assessment processes by requiring regular and objective comparisons with other in-scope arrangements across a range of metrics.
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The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.
This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. Views and opinions are based on current market conditions and are subject to change.
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