A joint regulatory strategy aimed at strengthening the relationship between the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) has been launched to deliver better outcomes for pension savers and those entering retirement.
The strategy identifies key issues which contribute to the prospect of people not having adequate income, or the income they expected in retirement.
Lesley Titcomb, TPR’s Chief Executive, explained: “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.”
To tackle the main drivers behind inadequate pensions, the FCA and TPR set out a vision for the sector over the next five to ten years. This includes making clear their areas of priorities and how to address fundamental changes in the sector.
The aim is to deliver pensions and retirement income products that support people and increase financial provision for later life; pensions that are well funded, well governed and deliver value for money; and which provide the tools to enable people to make well informed decisions.
Christopher Woolard, FCA’s Executive Director of Strategy and Competition, added: “We have worked closely with TPR to produce a co-ordinated and cohesive strategy that will produce positive results for people in or approaching retirement. But success in delivering this strategy doesn’t just depend on action by us.
“With the support and collaboration of the government, industry and consumers themselves, we can deliver an environment which contributes to people having higher incomes in their retirement.”
