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Separating belief from suspicion in elder abuse investigations
Elder financial exploitation, or EFE, is on the rise, with vulnerable adults losing more than US$28 billion annually, according to a recent AARP study.
Financial Conduct Authority launches value for money consultation for contract-based workplace pension schemes
United Kingdom | Publication | August 2024
On August 8, 2024, the Financial Conduct Authority published a consultation seeking views on a value for money framework for contract-based workplace DC schemes, with the aim of promoting greater transparency over how schemes are performing.
Schemes would be assessed in three main areas under the framework: investment performance; costs and charges; and the quality of service provided to members. Each of the three areas would then be rated on a traffic light system according to an annual assessment by each scheme’s independent governance committee or other governance body.
Under the proposals, a “green” assessment would signify that the scheme represents value for money, whereas “amber” would indicate that regulators believe the scheme can be improved to provide value within a “reasonable period of time”, and a “red” rating would mean regulators do not believe that this is possible. Schemes rated “red” would be required to close to new business and transfer members to an alternative arrangement with better ratings.
The Authority confirmed that whilst the consultation relates to rules for FCA-regulated firms operating contract-based pensions, its proposals are based on previous joint work with the DWP and the Regulator and are “designed to be suitable for application across the DC workplace pensions market”.
The consultation closes on October 17, 2024.
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Marine Money Week New York 2025
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