The Pensions Regulator fines Britain’s markets watchdog over failure to give complete details on its pension plan members.
The Financial Conduct Authority (FCA) has been fined a sum of 2000 pounds as they did not include all the information needed in a 2018 governance statement.
The FCA’s 2018 statement should have given more detailed information on the training its pension scheme’s trustee board got and on the costs levied by fund managers, according to Britain’s pensions watchdog.
An action shall be taken against any scheme’s trustees if it fails to comply with the requirements of the chair’s statement.
FCA’s pension scheme was one of several entities which were fined for compliance issues in the third quarter.
The FCA issued a statement saying that the FCA Pension Plan trustee has apologised to plan’s members and are reviewing processes and systems to ensure that members get the required information. The 2019 governance statement was said to be fully compliant.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
