Update to DB to DC transfers guidance following changes to FCA certification regime

The Pensions Regulator has updated its guidance on DB to DC transfers to address the question of how trustees should check that a member has received "appropriate independent advice" on a DB to DC transfer in the light of changes to which individuals are included in the FS Register, ie the register which trustees use to check that a financial adviser has the required qualifications.  The change to the Regulator's guidance stems from the introduction of the FCA's Senior Managers and Certification Regime (SM&CR) from 9 December 2019.  Under this new regime, only individuals in Senior Manager roles will appear on the FS Register, so it will cease to cover most financial advisers.  The FCA is introducing a new Directory which will contain details of such individuals, but is not due to go live until December 2020.

Paragraph 39 of the Pensions Regulator's guidance says that trustees should continue to check the FS Register for firm details, and that they will then need to contact firms to confirm that the relevant individual works for that firm "or check an appropriate third party directory". 

Pensions Regulator codes of practice to be consolidated into single shorter code

The Pensions Regulator has announced that it is reviewing its codes of practice and expects this to involve combining the content of its 15 current codes of practice to form a single, shorter code.  The Regulator says its early focus will be on the codes most affected by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018 (covered in our December 2018 Trustee Quarterly Update.)