Pension firms must do more for customers in older pensions and fund savings
Why this matters
FCA guidance on pension provider practices regarding legacy products and customer value. Informational update highlighting good practices and regulatory expectations for unit-linked pension providers. No immediate compliance deadline indicated, making this news/guidance rather than urgent directive.
AI-generated classification rationale, not a full analysis. Verify with the original FCA source before acting. Full disclaimer.
What the FCA said
The FCA has found that peopleholding legacy pension products,now closed to newsavers, could be receiving poorer value than those in newer ones. The regulatoridentifiedsome good practices,butcomplexcharging structures,older product design andweakness infirms'datameantsome pension savers are not getting as much value as…
Extract from FCA . Read the full notice at the source for the authoritative text.
Context
Financial Conduct Authority (FCA) — UK financial services regulator. We track 425 updates from them.
Financial services regulation in the UK, primarily overseen by the FCA and PRA. Browse all United Kingdom updates.
This update is classified under Consumer Protection / Conduct and Insurance & Pensions.