Budget 2014 Pension Reforms

8 June 2014 Steve BaileyCompliance

Although we know that most firms are aware of the FCA’s post 2014 budget guidance, it is most certainly worthwhile our highlighting and reiterating what is expected of firms in the interim period i.e. up to April 2015.

The FCA’s guidance FG14-03 can be found here and if you have not already done so, please read this carefully. Note in particular the guidance in section 2 that explains what is expected for clients in different stages of the retirement process.

We recommend that you formally document your response to the guidance paper.

Don’t forget to check Our View about this article and the Actions Required By You

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Our View

This guidance is only 10 pages long. Section 2 is essential reading. There are best practice suggestions that should be implemented for the interim period prior to the new rules that come into effect in April 2015.