Regulation

FCA staff pension plan fined £2,000 for breaching disclosure rules

Pensions Regulator’s penalty is a rare example of one watchdog fining another — especially when they co-operate to oversee the pensions sector

The pension plan run by the Financial Conduct Authority, the UK’s markets regulator, has been fined by a fellow watchdog for failing to stick to disclosure rules governing workplace savings funds.

In a statement at its website, the Pensions Regulator included the FCA Pension Plan in a list of retirement funds fined £2,000 for failing to communicate with members exactly as it should. News of the fine was first reported by trade magazine Professional Pensions. 

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