Contact

News & Insights

FCA and TPR Join Forces to Improve Outcomes

The remaining priorities will be in ensuring the following important areas:

  • Improved products
  • Enhanced support for savers
  • Increasing retirement income for savers
  • Well-funded pensions

Lesley Titcomb, TPR’s Chief Executive, commented, “The joint strategy further strengthens our close working relationship with the FCA so that through our new approach we can together address earlier any issues that threaten the retirement outcomes for pension savers.

“Our goal is to ensure the people who run workplace pensions meet our expectations so that members can have confidence their savings are protected. We are being clearer, quicker and tougher in the pursuit of this goal and working collaboratively with the FCA is vital.”

Christopher Woolard, FCA’s Executive Director of Strategy and Competition, cautioned that although successfully delivering the strategy would depend on “the support and collaboration of the government” as well as the “industry and consumers themselves”, he was confident that the strategy would be able to “deliver an environment which contributes to people having higher incomes in their retirement.”

The initiative follows research by the regulators which found an average of £91,000 lost to pension scams in 2017; something which goes some way to explaining why only 25% of savers feel confident about choosing an appropriate product.

A welcome move

The joint initiative of the FCA and the TPR is undoubtedly a positive move as it will hopefully increase confidence while also improving consistency, efficiency and the overall consumer journey.

The fact that two regulators are working together is good news, particularly as they have identified clear aims and an adequate time frame. It just remains to be seen whether it produces positive outcomes in the long-term.

However, the government also has a role to play and it will be interesting to see whether the Department for Work and Pensions and HM Treasury respond by developing their own joint strategy.

Blacktower Financial Management for Expat Pensions Advice

Blacktower works to help its clients meet their retirement goals. This includes advice related to pensions and pensions products, including pension transfers, QROPS and SIPPs arrangements.

We work from multiple locations across Europe, including Germany, Gibraltar, the Netherlands, France and further afield, including the Cayman Islands and USA..

For more information about how we may be able to help you with trusted expat pensions advice, contact us today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Euro vs Pound – Brexit Impact

As a Financial Adviser the most common question I get from people is about the Euro versus Pound exchange and which direction will it go.  My usual answer is ‘well if I knew that I would be a millionaire’!

Now, for the first time that I can remembeBrexitr there is the consensus of all the experts saying the same thing.  If the UK exits the EU after the referendum in June, then there will not be that much of a change as impact will be felt on both sides (it will be as bad for Europe as it is for the UK).  If the UK stay in, then there should be some sort of a rebound back to fair value levels to around the €1.40/£1 mark.  If this is the case, you should really try to hold off buying Euros until after the referendum.

Read More

How to track expenses effectively in 2022

After the indulgence of the holiday period, many of us turn towards creating new habits and resolutions in the new year. One of the most popular goals for the new year is creating and maintaining good financial practices, whether this be saving, paying off debt or reducing unnecessary expenditure. Arguably the most important step in […]

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: