2017年-FCA英国金融行为监管局_retirement_income_data_requests_3页_171kb

Regulator Assessment Summary: Retirement Income Data Requests

Core Content

The FCA (Financial Conduct Authority) introduced the Retirement Income Data Request as part of its regulatory oversight following the implementation of pension freedoms in June 2015. This initiative aims to gather data on the retirement income market to support supervision, policy development, and competition analysis. The data collection was initially conducted quarterly but was later reduced to every 6 months. The assessment period is from 21 October 2016, and the policy is expected to last 4 years (until 2019).

The data request applies to all UK firms involved in the retirement income market, including large, medium, and a sample of smaller firms. The initiative is domestic in scope and does not involve the Cutting Red Tape review. It covers 95% of the DC personal pensions and retirement income market.

Main Points

• Purpose:

  • Support FCA supervision and policy development.
  • Monitor competition in the retirement income market.
  • Understand the impact of pension freedoms.

• Implementation:

  • Start date: 1 June 2015.
  • Frequency: Initially quarterly, then every 6 months.
  • Planned continuation: Until end of March 2018.
  • Future consultation: In November 2016, the FCA planned to consult on introducing new regulatory returns from April 2018.

• Scope:

  • Applies to up to 59 firm groups (around 95 individual firms).
  • Includes all large and medium-sized firms authorised to establish, operate, and wind up personal pension schemes.
  • A sample of 1 in 5 smaller firms with similar authorisation.

• Impact on Businesses:

  • Data collection process: Firms must interrogate their systems, enter data into Excel spreadsheets, and submit them to the FCA.
  • Costs:
    • Total cost for all firms to complete one data request: £335,000.
    • One-off familiarisation costs: Estimated at £168,000 (50% of the total cost).
    • Total cost over 3 years: £2.51m (7 data requests in total).
  • Cost breakdown:
    • Small firms: £37,000 total.
    • Medium firms: £58,000 total.
    • Large firms: £240,000 total.
    • All firms combined: £335,000 per request.

• Additional Measures:

  • Firms were not required to make system changes or provide staff with special training.
  • The FCA allowed some questions to be answered on a best endeavours' basis, acknowledging that data may not be fully retrievable from existing systems.
  • Guidance and support were provided to firms, and FCA staff were available via phone and email to answer queries.

Key Information

Cost Breakdown by Year

Benefits to Businesses

• Guidance and support were provided to ease the data collection process.
• No system changes or staff training were mandated.
• The FCA aimed to minimise disruption by allowing some data to be collected on a best endeavours' basis.
• The initiative is temporary, with a planned consultation for future regulatory returns.

Conclusion

The Retirement Income Data Request is a temporary data collection mechanism implemented by the FCA to monitor the retirement income market. It is expected to have a moderate cost impact on firms, with total costs over three years estimated at £2.51m, including one-off familiarisation expenses. The FCA has taken steps to reduce the burden on firms by providing guidance and flexibility in data submission. The initiative is likely to be replaced by new regulatory returns starting in April 2018, which will be subject to further consultation and impact assessment.