29 August 2025
We support the FCA’s ambition to ensure that savers receive the right level of support at the right time, and we welcome the steps being taken to create a more joined-up regulatory framework. FCA and TPR should operate as a coordinated regime, with a joint perimeter and common lexicon for advice, targeted support and guidance across trust and contract-based schemes.
They should adopt a shared supervisory approach—developed with FOS—covering liability, redress and evidencing standards, so there are no surprises for schemes. We support joint sandbox and pilot programmes with HMT and DWP to test real-world outbound and digital journeys and publish what “good” looks like. Communications, vulnerability and data/consent standards should be aligned so savers receive consistent protections and seamless information sharing.
Finally, a single public timetable for consultations and rules, plus formal FCA–TPR–ICO engagement on PECR, would avoid regulatory arbitrage. Additional benefits of close working between FCA and other regulators, government departments and the ombudsman include schemes and providers being able to meet both Fiduciary Duty and Consumer Duty obligations without duplication or gaps. Pensions UK and its members are committed to working constructively with the FCA and other regulators to design solutions that will improve outcomes for savers and help build confidence in workplace pensions.