FCA Pushes Through Pensions Transparency Rules

Law360, London (February 4, 2020, 1:27 PM GMT) -- The Financial Conduct Authority has watered down requirements for pension schemes that would have obliged them to disclose to members “hundreds of pages” of information on costs, after a backlash from the industry.

The City watchdog said on Tuesday it would instead take a phased approach to the new rules on disclosures, which will come into force in April.

Pension managers have come under increasing scrutiny by the regulator in recent years over whether management costs are chipping away at retirement savings. Politicians have also raised concerns about a lack of transparency on charges when savers draw down on their pensions or move...

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