The Financial Conduct Authority has been ordered to pay a £2,000 fine by The Pensions Regulator over a lack of details in its defined contribution scheme documentation. An FCA spokesperson said: “In considering the FCA Pension Plan’s application to become an authorised master trust, TPR reviewed its 2018 DC governance statement and ruled it contained insufficient detail….The FCA Pension Plan trustee has apologised to members of the plan, and reviewed systems and processes to ensure all the required information is available to members and the 2019 governance statement (provided in October) was fully compliant….The plan’s application to become an authorised master trust has been approved.”
