UK Regulators Issue Joint Pensions Strategy
The UK’s Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy to address the fundamental changes that have altered the UK’s pension landscape in recent years.
The strategy, which outlines how the two regulators will collaborate,, drew on a call for input the regulators published in March that sought views from industry and consumer group representatives.
“Our goal is to ensure the people who run workplace pensions meet our expectations so that members can have confidence their savings are protected,” Lesley Titcomb, TPR’s chief executive, said in a release. “We are being clearer, quicker, and tougher in the pursuit of this goal and working collaboratively with the FCA is vital.”
The regulators have had to adjust to new challenges in recent years, such as the introduction of automatic enrollment, increased longevity, low personal savings, low interest rates, and the ongoing migration to defined contribution plans from defined benefit plans.
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