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UK FCA to review effects of pension freedoms

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UK FCA to review effects of pension freedoms

TheU.K. Financial Conduct Authority expects to launch a review on retirementoutcomes in the 2016-2017 financial year to study the impact of on competitionand switching in the pensions market, according to the regulator's businessplan published April 5.

TheFCA said this timing will allow the regulator to integrate the revieweffectively with its related work and wider initiatives, including a financialadvice market review and its ongoing consultation on changes to pension rulesand guidance.

"[O]urretirement outcomes review will take an in-depth look at how well the market isworking following the introduction of the pension freedoms in April 2015," said interim CEOTracey McDermott.

TheFCA said it will develop a framework for the new secondary annuities market andtake forward the requirement to introduce a cap on exit fees in certain pensioncontracts. The regulator will review the effectiveness of independentgovernance committees in helping pension providers deliver value for money forworkplace pension policyholders.

Theretirement outcomes review and the independent governance committees review areexpected to be launched during the second or third quarter.

Inaddition, the FCA will introduce enhanced regulatory reference rules as part ofthe Senior Managers and Certification Regime to help prevent the "recycling" of individualswith poor conduct records between financial firms.