United Kingdom | Publication | December 2024
The Regulator has announced plans to adopt a more prudential-style regulatory approach in response to the rapid growth of workplace pension schemes.
In a speech by Nausicaa Delfas, the Regulator’s Chief Executive, it was announced that within a decade, the master trust market is projected to include schemes of systemically important size, with seven schemes managing over £50 billion in assets and four exceeding £100 billion. This shift aligns with the Mansion House reforms and aims to address risks at both individual scheme and broader financial ecosystem levels.
The Regulator’s evolving strategy will focus on scheme investments, data quality, and trusteeship, putting in place a new regulatory toolkit that includes tiered master trust supervision, enhanced digital and data capabilities, and a pensions market innovation hub to guide safe product development.
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On 10 December 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 were laid before Parliament, together with an Explanatory Memorandum.
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On 28 November 2024, the Financial Conduct Authority (FCA) published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier in November.
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As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
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