Improving outcomes for unadvised consumers with non-workplace pensions – FCA issues new guidance and rules for providers

Related Author:   Esther Farley, Apprentice Solicitor, Mayer Brown

The Financial Conduct Authority (FCA) has published a policy statement with the outcome of its consultation on non-workplace pensions (NWPs). Respondents to the consultation were broadly in support of the FCA’s proposals to introduce new protections for consumers using NWPs for their retirements savings. The policy statement sets out new rules and guidance that NWP providers will need to comply with by 1 December 2023. Andrew Block, partner, Henry Corrigan, senior associate, and Esther Farley, apprentice solicitor at Mayer Brown consider the consultation, its outcome, and the implications for pension providers and consumers.

This analysis was first published on Lexis®PSL on 13 January 2023.