United Kingdom | Publication | May 2024
The Regulator’s Chief Executive has told the industry that schemes must get the basics right on data quality to deliver on key areas such as pensions dashboards and value for money.
A press release issued on May 22, 2024, summarises Nausicaa Delfas’ keynote speech at Professional Pensions Live, in which she set out the Regulator’s roadmap for pensions, which “drives value for DC savers, security for DB members and higher standards of trusteeship for all.”
Ms Delfas stated that regulatory compliance is not optional and that there will be a significant change in the Regulator’s enforcement approach to ensure schemes have high quality data and deliver value for members. With savers soon being able to interact with their personal data through pensions dashboards and the value for money framework, the Regulator plans to engage hundreds of schemes and will ask them to account for how they are measuring and improving their data. Action will be taken where trustees fail to meet the Regulator’s expectations.
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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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