In The News

Who Regulates The Regulators

Article Date: 31 January 2020

With all of the talk in the last few days about Huawei and who is watching who, 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 pension watchdog fined the FCA Pension Plan £2,000, the maximum possible, during the quarter 1 July to 30 September 2019 because the chair of the trustees of the FCA pension scheme made a statement that was not compliant.

The FCA 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.’

Martin Redfern, Tax Manager at ASE, commented, “It’s good to know that someone is watching those who watch over the watchdogs, notwithstanding the fact that a high profile body with professional advisors was unable to comply with the law”. “What hope is there” added Martin, for the taxpayer who is expected to know the law and for whom the argument that the law was too difficult to understand is no defence”

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