Financial Conduct Authority fined by

Pensions Regulator

The Statutory Authority responsible for regulating financial services in the UK has been censured and fined by another regulatory Authority, the Pensions Regulator for failing to operate its own Staff Pension Scheme properly.

During a routine check by the Pensions Regulator, shortcomings were found in particular relating to the FCA’s Auto Enrolment Pension Scheme for the FCA’s staff.

Among the findings of the Pensions Regulator were that the FCA did not provide sufficient information and details on what regular training the FCA’s Pension Trustees received so as to ensure that they were fully up to date on what was required of them.

Another finding was that the FCA should have provided more historical details on the costs and charges of Fund Managers who were tasked with investing the Pension Funds despite the contention by the FCA that this information was on the members' website. The inspection also led to a finding that there was a failure to specify the date upon which the most recent review of Investment strategy had taken place.

The Pensions Regulator fined the Financial Conduct Authority €2,000. In response to the findings and the fine the FCA issued a Statement essentially accepting the findings and stating that it had remedied the shortcomings and that its Application to become an authorised Master Trust had ultimately been approved by the FCA.

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This document is for information purposes only and does not purport to represent legal advice.  
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