In this update, we take a look at the impact of recent regulatory changes on SIPP and SSAS businesses, including FCA initiatives, government consultations and other developments.
FCA: "Dear CEO" letter, new Consumer Duty and other developments
What are the key areas the FCA will focus on when supervising SIPP businesses? What are the implications of the FCA's proposed new "consumer duty"? How will SIPP operators be affected by the FCA's new climate-related financial disclosure rules? What does the FCA expect from firms under its "Operational Resilience" initiative? How has the FCA recently clarified its expectations on publication of costs and charges data by workplace pension schemes? For more detail on this and other FCA-related developments, click here.
Legislation: transfer values, normal minimum pension age and other key changes
What changes are proposed to the transfer values regime and how could they act as a barrier to transfers to SSASs? The Government is planning to raise normal minimum pension age from 55 to 57, but the wording of a scheme's rules could mean its members retain the right to take benefits age 55: do you understand the key points to check in your scheme's rules? Will you need to change your processes to comply with the rules introducing a "stronger nudge" for members to take Pension Wise guidance? For more detail on these and other legislative developments, click here.
We look at the latest developments in relation to pension dashboards and in relation to data protection, HMRC's position on registration timescales, and the APPT's warning about scam signatures. For more on these and other developments, click here.