Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.
This week we cover topics including: TPR updated guidance: fiduciary management and investment consultancy; TPR scams strategy; PASA guidance on value data for dashboards; CDC schemes: applications now open; Adviser negligence and breach of duty: limitation issues.
- TPR updated guidance: fiduciary management and investment consultancy
- TPR scams strategy
- PASA guidance on value data for dashboards
- CDC schemes: applications now open
- Adviser negligence and breach of duty: limitation issues
TPR updated guidance: fiduciary management and investment consultancy
The Pensions Regulator (TPR) has updated its guidance on the requirements for trustees to run a tender process when appointing fiduciary managers and to set strategic objectives for investment consultancy providers. Regulations coming into force on 1 October 2022 will largely replicate existing requirements but will move regulatory responsibility from the Competition and Markets Authority (CMA) to TPR.
Along with some general updates and clarifications, the new guidance includes: changes reflecting differences between the CMA rules and the new regulations, for example in relation to schemes with in-house or connected providers; information on transitional arrangements where actions are taken under the CMA rules before the new regulations come into…
