together. It will involve jointly undertaking risk assessments of issues in the sector, improved policy coordination and more joined-up communications
From the work undertaken in developing this strategy they have identified that the overarching harm in this sector is the prospect of people not having adequate income, or the income they expected, in retirement.
It is recognised that this overarching harm is not something that the FCA and TPR can tackle on their own however they can make a difference and have highlighted four key issues they wish to address:
• People not being enabled to make good decisions
• Pensions not being well looked after
• Money not being managed in line with savers’ needs
• People struggling to maximise their pension savings
For each of the four key issues identified the TPR and FCA have set a clear objective that describes the outcome that their regulatory actions aim to achieve, together with an outline of the workstreams that will be undertaken to deliver that objective.
Many of these initiatives are already underway or planned.
This publication follows on from their joint call for input: Regulating the pensions and retirement income sector: Our strategic approach. A summary of feedback from stakeholders in response to the call for input has also been published.
The document can be downloaded from either the FCA website or the TPR website
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The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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