On 6 June the Government published their final response to the consultation on the oversight of investment consultants and fiduciary managers. This was followed by the publication of draft regulations for occupational pension schemes which will bring new requirements into force and replace most sections of the Competition and Market Authority (CMA) order. 

Our latest briefing note summarises the new requirements and how they differ from the original CMA order.

Download our briefing note where we cover the following key points:

• The draft legislation is due to come into force on 1 October 2022
• Compliance-reporting and policing responsibilities will shift from the CMA to the Pensions Regulator
• The regulator will have authority to issue compliance notices with fines of up to £5,000 for an individual and £50,000 for corporate entities if they fail to heed a compliance notice
• Trustees must take advice before making most investment decisions and can be fined as much as £5,000 per individual trustee or £50,000 per corporate body if they breach that requirement.

To discuss the circumstances specific to your scheme, please get in touch. We’d be delighted to help.

Download our briefing note here