FCA publishes new guidance
On 19 March 2014 the Chancellor announced substantial changes to the pension legislation in the Budget. Some of these changes came into effect on 27 March 2014, and a further set of changes are in consultation and are proposed to be introduced in April 2015.
In light of these policy announcements, firms may need to make changes to their operational processes and procedures. They will also need to consider how to treat customers who are making a decision about their retirement income in the coming year. The Financial Conduct Authority (FCA) has therefore decided to issue guidance to outline their expectations of firms during the interim period from Budget 2014 to April 2015.
The FCA believes that some customers may be put at a disadvantage if they do not know about the Budget changes or if they cannot take advantage of them. They have issued the guidance as they want to ensure customers are making informed decisions about their retirement in light of the Budget changes.
Click here to read the FCA's new guidance.
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