UK. FCA fined over pension scheme failures
The Pensions Regulator has fined the FCA £2,000 due to insufficient detail in its 2018 DC governance statement.
This is the maximum fine The Pensions Regulator can issue for poor statements.
Firms must submit an annual chair’s statement which sets out how the scheme meets certain standards and obligations including information on the scheme’s default fund and its governance, the costs and charges applied, and the assessment of value for members.
The fine was issued during Q3 2019, however The Pensions Regulator noted that although penalties are listed when they become payable, they may relate to an historical breach.
An FCA spokesperson said: “In considering the FCA Pension Plan’s application to become an authorised master trust, TPR reviewed its 2018 DC governance statement and ruled it contained insufficient detail.
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