Regulatory AlertsCP15/12: Pension Wise - recommendation policy
The Financial Conduct Authority issues this consultation paper to propose its policy for making recommendations to designated guidance providers and the Treasury regarding compliance with Pension Wise standards. This policy addresses the FCA's statutory duty to monitor providers delivering the Guidance Guarantee for Defined Contribution pension consumers and to recommend corrective actions where standards are breached. The document outlines the proposed approach for monitoring guidance service providers and invites stakeholder comments by 8 May 2015 ahead of a final policy statement.
We publish our consultation paper on our policy for making recommendation to the designated guidance providers and the Treasury.
Why are we issuing this Consultation Paper (CP)?
In the 2014 Budget the Government announced reforms to retirement options. These proposed that all consumers with Defined Contribution (DC) pensions should be entitled to access free impartial guidance at retirement about their options when accessing their pension savings – the ‘Guidance Guarantee’. This has recently been launched under the brand Pension Wise (now MoneyHelper's Pension Wise) and becomes operational from 6 April 2015.
In November, we (the FCA) published standards for the Treasury’s designated guidance providers to meet in delivering Pension Wise. We are required to monitor the designated guidance providers’ compliance with our standards and, where providers have breached them, to make recommendations to the designated guidance providers and the Treasury where appropriate. In the Policy Statement in November we outlined our proposed approach to monitoring and said we would consult on a policy on recommendations.
We are now consulting on our policy for making recommendations to the designated guidance providers and to the Treasury. We also include further information on our approach to monitoring guidance service providers.
Consultation paper 15/12 [PDF]
Who is this CP aimed at?
Send us your comments via our online form by 8 May 2015 .
Once we have considered responses to this Consultation Paper, with the Treasury’s consent we plan to publish a policy statement on the finalised recommendations policy and feedback in the summer.
Find out more
PS14/17 Retirement Reforms and the Guidance Guarantee, including feedback on CP14/11
Cost Benefit Analysis
: Editorial amendment
: Information changed Pension Wise to MoneyHelper
Was this page useful?
Yes
No
What can we do to improve pages like this?
What did you find helpful?
Leave this field blank