7 days

7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

• FCA responds to consultation on regulatory framework for dashboard service firms
• FRC consults on updates to the Stewardship Code
• MaPS publishes research on engaging with pensions
• In Sackers news

FCA responds to consultation on regulatory framework for dashboard service firms

The FCA published a policy statement on its regulatory framework for pensions dashboard service firms on 7 November 2024, responding to its December 2022 and March 2024 consultations. The policy statement sets out the rules that firms must follow when designing and operating a commercial dashboard.

It is not clear when commercial dashboards might become available to the public, and the FCA is not yet accepting applications for authorisation to operate one.  However, it has confirmed it will give the industry “adequate advance notice” before it opens the gateway to accepting applications.  The Government intends to prioritise the public (non-commercial) MaPS dashboard before facilitating the connection of commercial dashboards.

FRC consults on updates to the Stewardship Code

On 11 November 2024, the FRC launched a consultation on “significant updates” to the UK Stewardship Code, focussing on supporting economic growth and investment and increasing transparency for investors, savers and pensioners. This follows interim measures announced in July 2024, including reducing annual reporting requirements.

Proposals in the consultation include:

• a “revised and enhanced” definition of stewardship intended to emphasise the need to create long-term sustainable value
• a streamlined reporting process separating policy and activity disclosures to “reduce reporting burdens”, and
• new guidance to support effective implementation and help signatories transition to the new reporting requirements.

The consultation closes on 19 February 2025. Signatories to the current Code should follow the existing reporting requirements in 2025. The FRC expects an updated Stewardship Code to apply to reporting in 2026, and will provide information to signatories when the revised Code is launched to “ensure a smooth transition”.

MaPS publishes research on engaging with pensions

On 5 November 2024, MaPS published the results of a survey on pensions engagement conducted over summer 2024. Findings include that only one in three adults aged 18 to 65 check their pension annually. By publishing its research, MaPS hopes to encourage people to check their pensions and talk about money with friends and family in line with its Talk Money Week campaign.

In Sackers news

Our next Quarterly Legal Update for trustees and employers will be delivered as a webinar this Thursday, 14 November, chaired by Fuat Sami. Claire Carey will provide an essential overview of significant developments affecting occupational pension provision in the UK.

In this quarter’s Spotlight, Ferdy Lovett takes a look at the latest DC developments, including the FCA’s recent VFM consultation and what might be on the cards in 2025 for decumulation and small pots. Register here.