Regulator fines FCA over pension compliance failure

The Financial Conduct Authority (FCA) has suffered the embarrassment of being fined by The Pensions Regulator (TPR) over deficiencies in the paperwork relating to its pension scheme

The pensions watchdog fined the FCA Pension Plan £2,000, the maximum possible, during the quarter 1 July to 30 September 2019, according to the listing of penalty notices published on the TPR’s website.

The penalty related to having a chairman’s statement which was not compliant.

During the same quarter, Accenture Retirement Savings Plan and the Salvus Master Trust were fined for similar offences, with the TPR noting that penalties are listed when they become payable but may relate to an historical breach.

In the FCA’s case, it is believed the TPR judged that the financial regulator had failed to provide sufficient details about trustee training and fund managers’ charges in a governance report on its pension scheme.

The Pensions Regulator said: ‘The FCA Pension Plan did not comply with the law because it did not include all of the information that it should have. We will take action against the trustee of any scheme which fails to comply with the chair’s statement requirements.’

An FCA spokesperson said: ‘In considering the FCA Pension Plan’s application to become an authorised master trust, TPR reviewed its 2018 DC governance statement and ruled it contained insufficient detail.

‘The FCA Pension Plan trustee has apologised to members of the plan, and reviewed systems and processes to ensure all the required information is available to members and the 2019 governance statement (provided in October) was fully compliant.’

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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