The Pensions Regulator and the Monetary Conduct Authority have issued a joint assertion urging the pensions business to look “past slim compliance” and think about client outcomes.
The message got here in an replace to the regulators’ joint regulatory technique.
The regulators mentioned: “We wish corporations to contemplate the wants and sorts of customers on the totally different phases of their pension journey and tailor their providing to them, with a deal with making certain customers obtain good outcomes.”
They mentioned the Client Obligation features a deal with key parts of the firm-consumer relationship that are instrumental in serving to to drive good outcomes for purchasers.
The outcomes relate to parts akin to:
- Services and products — “We wish all services and products to be designed to fulfill customers’ wants and focused at these customers.”
- Worth and worth — “We wish all customers to obtain truthful worth. Corporations might want to guarantee that there’s a affordable relationship between the value paid for a services or products and the general profit a client receives from it.”
- Client understanding — “We wish corporations’ communications to assist and allow customers to make knowledgeable selections about monetary services and products. In addition to making certain particular person communications are truthful, clear, and never deceptive, corporations might want to go additional and think about their total strategy to speaking data to verify they equip customers to make efficient, well timed and correctly knowledgeable selections.”
- Client assist — “We wish corporations to offer a degree of assist that meets customers’ wants all through their relationship with the agency. The assist corporations present ought to allow customers to grasp the advantages of the services and products they purchase and guarantee they’re supported after they need to pursue their monetary aims.”
Based mostly on these parts, the regulators mentioned they need the pensions business to increase its focus past slim compliance with particular guidelines and think about the impression on customers and the outcomes.
They mentioned: “Linked to this, we welcome the announcement by pension suppliers and schemes of a co-ordinated business marketing campaign to spice up understanding and engagement with pensions.”
The regulators concluded: “This co-ordinated motion is especially necessary within the present macroeconomic atmosphere the place savers could save much less into their pension.”