UK markets watchdog fined for compliance issues in pension plan
(Reuters) – Britain’s markets watchdog was fined by The Pensions Regulator for failing to provide complete details to the members of its pension plan, the regulators said on Monday.
The Financial Conduct Authority (FCA) has been fined 2,000 pounds for not including all necessary information in a 2018 governance statement, the country’s pensions watchdog said in a statement.
Britain’s pensions watchdog said FCA’s 2018 statement should have provided more details on the training received by its pension scheme’s trustee board and on charges and costs levied by fund managers.
“We will take action against the Trustee of any scheme which fails to comply with the chair’s statement requirements,” The Pensions Regulator said.
It published an online list of entities it fined in the third quarter for compliance issues, which included FCA’s pension scheme.
“The FCA Pension Plan Trustee has apologised to members of the Plan, and reviewed systems and processes to ensure all the required information is available to members and the 2019 governance statement was fully compliant,” the FCA said in a separate statement to Reuters.
(Reporting by Ann Maria Shibu and Kanishka Singh in Bengaluru; editing by Uttaresh.V)