UK. Pensions watchdog forced to drop fines against fund trustees
The Pensions Regulator (TPR) admitted in an update published this month that the penalties were revoked between April and June this year.
The sanctions were slapped on trustees for producing inadequate reports for members setting out how they are governing savers’ money, including explaining costs and charges.
TPR admitted in its report that it revoked the 74 fines in the period “due to a time delay on our part in explaining to schemes why their statement was not compliant with the regulations”.
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