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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
United Kingdom | Publication | February 2024
On 7 February 2024 the FCA published a letter to all regulated Lloyd's managing agents, London market insurers and Lloyd's and London market brokers and MGAs (dated 6 February 2024), requesting information relating to incidents of non-financial misconduct. Culture and non-financial misconduct clearly remain focus areas for the FCA.
Key points to note from the FCA's letter:
The letter highlights the importance of robust governance and record keeping: firms should ensure that any decisions relating to conduct issues are appropriately challenged and recorded, including any subsequent investigation or consideration relating to the fitness and propriety of senior individuals or with regards to disciplinary action.
Firms have until COB 5 March 2024 to respond to the survey and should get in touch with the FCA as soon as possible if for any reason they may not be able to provide all of the information requested, or will not be able to do so by the stipulated deadline.
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The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
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On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
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We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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