The Pensions Regulator (TPR) and The Financial Conduct Authority (FCA) have launched a joint regulatory strategy to strengthen their relationship and begin taking joint action to ensure pension savers and those entering retirement have better outcomes. The strategy, published this week identifies the main issues which contribute to people not having sufficient income in retirement or the income they expected in retirement.
The strategy aims to provide pensions and retirement income products that support people and increase financial provision for later life. This means well-funded pensions that are well governed, deliver value for money and which provide the tools to help people make informed decisions.
The strategy also illustrates the ways in which TPR and FCA will work together going forward. There are two priority areas where they will take joint action. Firstly there is a strategic review of the entire consumer pensions journey and secondly is using their powers to drive value for money for pension scheme members.
Lesley Titcomb, TPR's Chief Executive, said: "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 Executive Director of Strategy and Competition, said: "We have worked closely with TPR to produce a coordinated 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"