Publication
Pensions Regulator and FCA publish update to joint regulatory strategy
United Kingdom | Publication | December 2022
The Regulator and the FCA have published an update to their 2018 joint regulatory strategy, which outlines how the two regulators will continue to work together to “deliver good outcomes for pension savers regardless of their pension type”. Key themes included:
- Improved information sharing on DB schemes under the joint protocol, the development of a consistent framework for assessing value for money across DC schemes and joint work on pension scams and DB transfers.
- In relation to liability-driven investment (LDI), the bodies will continue to work together to ensure market participants understand the risks and take action to achieve an appropriate level of resilience in LDI arrangements. From 2023, the Regulator will request more information from schemes on asset allocations to better understand schemes' exposure to market risks.
- Eight ongoing joint workstreams are identified, including work on areas such as productive finance, the stewardship framework, the use of intelligence to identify scams, the monitoring of the pension transfer advice market and implementation of pensions dashboards. In addition, the FCA is exploring firms’ concerns have around providing more support to savers in the context of accessing their pensions together with options to provide greater confidence about the advice/guidance boundary.
The update notes that there has been a "fundamental shift" in recent years in the working relationship between the FCA and the Regulator and that they are now working "hand-in-hand". The bodies will continue to work closely on the joint assessment of risks and harms, joined up working on cross sector initiatives and proactive communications around their joint work.
In a blog to announce the update, the Regulator highlighted that it and the FCA have marked differences but a common goal, with each seeking to put the pension saver at the heart of what it does, and working together where possible.
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