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Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Pensions Regulator to carry out spot checks of “suspect employers”
United Kingdom | Publication | May 2022
The Regulator has issued a press release warning that it will carry out inspections of employers suspected of “failing to meet their workplace pensions duties”.
This appears to be mainly aimed at employers who are not complying with auto-enrolment duties since the statement says that “the majority of employers targeted will be those who have failed to make the correct pension contributions for their staff”.
The Regulator plans to carry out on-site, in-person inspections across a number of regions and cities “in the coming months”, including Greater Manchester, Nottingham, Greater London and Belfast. It says that it will “usually” notify employers about an inspection two weeks in advance of the visit.
This is the latest sign that the Regulator is returning to the targeted, scheme-specific checks it had started to undertake before the pandemic.
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