FCA releases guidance on pension changes
The UK Financial Conduct Authority (FCA) has released guidance for firms following the recently-announced changes to UK pension legislation.
The regulator said the guidance would provide clarity on its expectations of firms between now and April 2015 when many of the UK Budget changes will apply.
The guidance is aimed at firms including pension providers, annuity providers, and financial advisors.
“In light of the Budget announcements, firms will need to make changes to their operational processes and procedures. They will also need to consider how to treat those customers who are making a decision about their retirement income in the coming year,” the FCA said in a statement.
The regulator said it welcomed the firms that were already making such changes, and highlighted some examples as good practice in its guidance.
The FCA invites feedback and comments from industry and consumer organisations: http://www.fca.org.uk/news/fg14-03
HM Treasury, HM Revenue and Customs, and the Association of British Insurers today issued further guidance and information to firms as part of a coordinated approach to support firms and their customers through the changes.
The regulator said the guidance would provide clarity on its expectations of firms between now and April 2015 when many of the UK Budget changes will apply.
The guidance is aimed at firms including pension providers, annuity providers, and financial advisors.
“In light of the Budget announcements, firms will need to make changes to their operational processes and procedures. They will also need to consider how to treat those customers who are making a decision about their retirement income in the coming year,” the FCA said in a statement.
The regulator said it welcomed the firms that were already making such changes, and highlighted some examples as good practice in its guidance.
The FCA invites feedback and comments from industry and consumer organisations: http://www.fca.org.uk/news/fg14-03
HM Treasury, HM Revenue and Customs, and the Association of British Insurers today issued further guidance and information to firms as part of a coordinated approach to support firms and their customers through the changes.
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