{"id":54544,"date":"2015-03-02T10:05:00","date_gmt":"2015-03-02T10:05:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=78588788735eb04410471a13adba8380"},"modified":"2015-03-02T10:05:00","modified_gmt":"2015-03-02T10:05:00","slug":"press-release-fca-and-dwp-publish-call-for-evidence-on-transaction-costs","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=54544","title":{"rendered":"Press release: FCA and DWP publish call for evidence on transaction costs"},"content":{"rendered":"
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The Financial Conduct Authority (FCA<\/abbr>) and the Department for Work and Pensions (DWP<\/abbr>) have today (2 March 2015) published a joint call for evidence on the disclosure of transaction cost information for workplace pension schemes.<\/p>\n

From April this year, Independent Governance Committees (IGCs<\/abbr>) and pension scheme trustees will be required to report annually on the costs and charges involved in managing and investing the pension pots of scheme members.<\/p>\n

The FCA<\/abbr> and DWP<\/abbr> are seeking views to feed into the next phase of this work, which looks at how information about transaction costs should be reported in a standardised, comparable format.<\/p>\n

Minister for Pensions Steve Webb said:<\/p>\n

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Pension savers need to have confidence that their hard-earned money is working for them.<\/p>\n

That is why it\u2019s so important we understand all the charges that are placed directly and indirectly on pensions \u2013 and that pension schemes and trustees can present them to members in a clear and transparent way.<\/p>\n

There is a fear that the dark corners of the investment and pensions industry hold some nasty surprises. We have a duty to throw light for the first time on potential hidden charges \u2013 and restore faith and fairness in British pensions.<\/p>\n<\/blockquote>\n

Christopher Woolard, director of strategy and competition at the FCA<\/abbr> said:<\/p>\n

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Transaction costs and charges associated with workplace pension schemes have a direct impact on the value of people\u2019s pension pots.<\/p>\n

Trustees and IGCs<\/abbr> of workplace pension schemes need to have clear and transparent information as part of assessing value for money offered by pension schemes. We want clarity and consistency across the market and that is why we are asking for views on how costs and charges information should be disclosed.<\/p>\n<\/blockquote>\n

The joint call for evidence between the FCA<\/abbr> and DWP<\/abbr> is asking for evidence on:<\/p>\n