FCA announces details of its annual public meeting
The FCA has announced that its annual public meeting will take place on Tuesday 11th September at the QEII Centre, Westminster from 10am – 12pm. Attendees will have the opportunity to hear from the FCA Board on its 2017/18 Annual Report and progress against its strategic objective and three operational objectives.
If you are interested in attending, you can register here.
How TPR is using its powers for better pension holder protection
The Pensions Regulator (TPR) has published its latest quarterly compliance and enforcement bulletin, covering April to June 2018.
TPR has used a number of its powers this quarter in its work on pension scams, scheme valuations and auto-enrolment. The bulletin outlines a number of cases where powers had been used for the first time, including:
- The use of a production order, under the Proceeds of Crime Act 2002, to require a bank to provide statements and details of accounts linked to scheme trustees under criminal investigation;
- A trustee was fined £25,000 under section 10 of the Pensions Act 1995 for twice failing to complete the required valuation on its DB pension scheme; and
- A recruitment firm, its directors and a number of senior staff were prosecuted for working together to opt-out workers who had been automatically enrolled into its workplace pension scheme. This is the first time TPR has prosecuted offences under the Computer Misuse Act 1990.
The report also included key statistics on TPR’s enforcement activities on auto-enrolment and the regulation of pension schemes.
- The number of times TPR used its enforcement powers rose compared to the previous quarter, increasing from 35,862 in Jan ‒ Mar to 43,700;
- The regulator issued 12,220 fixed penalty notices, a 9.5% increase;
- On average, a compliance notice was issued once every five minutes this quarter, totalling 27,219; and
- 142 inspections were undertaken, compared to 112 in Jan – Mar.
- TPR took action against trustees 25 times for failing to complete a scheme return on time;
- It used its information gathering powers 31 times; and
- TPR appointed 162 trustees to run schemes to protect members’ benefits.