Occupational Pensions Regulatory Authority meaning

In this issue: Spring Budget 2024 The Pensions Regulator Pensions taxation The Pension Protection Fund Investment Scheme governance Daily and weekly news alerts Dates for your diary Trackers Spring Budget 2024 Key pensions announcements and views from the market In the Spring Budget 2024, delivered on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, outlined the government’s central objective: to stimulate growth by funnelling more capital into UK equity markets, improving the UK’s standing as a listing venue, and building on the Mansion House reforms announced in the Autumn Statement 2023. Key pensions measures include: expanding the regulatory remit of the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) to enable the closure or winding-up of poorly performing defined contribution (DC) schemes, aligned with the reformed Value for Money (VFM) framework requiring DC funds to publish, by 2027, a public breakdown of...

Other developments Here is a round-up of further developments not explored in full by the Lexis+ Financial Services practical guidance team but which may still be of interest: CP25/31: The framework for a UK equity consolidated tape [Update] Note on the Construction of CP25/31 Cost Benefit Analysis (CBA) Minutes of the UK Money Markets Code Sub-Committee – December 2025 CCR009 return – relevant ancillary credit firm [Update] Report on Marketing requirements and marketing communications under the regulation on cross-border distribution of funds ESAs’ Joint Board of Appeal rules on reimbursement of costs in an appeal brought by NOVIS Insurance Company against the European Insurance and Occupational Pensions Authority (EIOPA) ...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Banks and mutuals Investment funds and asset management MiFID II Regulation of insurance Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies ESAs highlight role of behavioural insights in supervisory and policy work The three European Supervisory Authorities — the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) — have issued a joint report arising from their February 2024 workshop on integrating...

FORTHCOMING CHANGE : The Pension Schemes Bill, anticipated to obtain Royal Assent in 2026, among other measures, would confer on the Pensions Ombudsman powers mirroring those of a competent court where pension overpayments must be recouped. As a result, trustees would no longer need to seek County Court orders in these matters, thereby cutting legal spend, easing administrative effort and promoting a swifter, more streamlined recovery for schemes and members, and ensuring a more efficient process overall. For more detail, see LNB News 05/06/2025 42 and Pension Schemes Bill—tracker — Pensions Ombudsman and overpayments. This Practice Note reviews the scope of the Pensions Ombudsman to handle occupational and personal pension complaints and disputes under its adjudication function, covering: who may bring or refer complaints/disputes which complaints/disputes fall within or outside its remit the powers he can exercise when determining matters relevant time limits Collectively, these areas define the Ombudsman’s jurisdiction under its adjudication service for both occupational and personal...

Scope of this Practice Note This Practice Note offers guidance on the European Supervisory Authorities (ESAs): European Securities and Markets Authority (ESMA) European Banking Authority (EBA) European Insurance and Occupational Pensions Authority (EIOPA) Among other matters, it explains their roles and general powers to prepare draft technical standards, and to issue opinions, guidance and recommendations to national supervisors within the EU. Together with the European Systemic Risk Board (ESRB) and the national competent authorities (NCAs) of EU Member States, the ESAs form the European System of Financial Supervision (ESFS). The ESAs collaborate with the ESRB to safeguard financial stability and to strengthen and enhance the EU supervisory framework, aiming to improve co-ordination among national supervisory bodies and to raise the quality of national supervision across the EU. The ESAs also issue guidance and recommendations which national supervisors and firms must make every effort to follow. Where the ESAs consider that a national competent authority (NCA) is failing...

While operating an occupational pension scheme, trustees might decide to bring in an investment consultant and/or a fiduciary manager. In contrast to ‘fund managers’, investment consultants and fiduciary managers are not regarded as ‘professional advisers’ for the purposes of pensions legislation. For more detail on the rules about appointing professional advisers, refer to Practice Note: Appointing pension professional advisers and other service providers. Development of regulatory framework After a reference from the Financial Conduct Authority (FCA), the Competition and Markets Authority (CMA) investigated investment consultancy services (IC services) and fiduciary management services (FM services) supplied to pension schemes, and issued its final report on 12 December 2018. It concluded that trustee engagement was weak, that clear and comparable information in order to assess value for money was missing, and that clients were nudged by investment consultants towards their own, higher-cost FM offerings, conferring an incumbency advantage. Accordingly, on 10 June 2019, the CMA made the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 (the CMA Order), imposing...