Pensions Watchdog Says £1M Fines Will Reduce Abuse

Law360, London (February 16, 2021, 5:19 PM GMT) -- Britain's pensions watchdog said on Tuesday that new powers to fine company bosses up to £1 million ($1.4 million) for failing to provide information will speed up its investigations and offer better protection for savers.

David Fairs, executive director of regulatory policy at The Pensions Regulator, said the new Pension Schemes Act had beefed up the watchdog's "information-gathering powers" as well as its power to punish wrongdoing.

The new legislation, which won Royal Assent last week, also gives the regulator the power to seek jail sentences of up to seven years against executives who jeopardize their company pension pots.

"The act provides...

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