2018年-FCA英国金融行为监管局_transactional_cost_disclosure_in_workplace_pensions_4页_277kb

报告摘要

The FCA is introducing a requirement for asset managers to disclose transaction costs and administration charges when requested by certain pension schemes, specifically workplace defined contribution (DC) pension schemes.
This aligns with the requirement under Section 44 of the Pensions Act 2014 for pension schemes to disclose transaction costs.
A standard methodology is introduced to calculate these costs, consistent with the EU PRIIPs Regulation.
The rules apply to:
- Trustees of stand-alone schemes
- Trustees of mastertrusts
- Independent Governance Committees (IGCs) of contract-based pension providers

Primarily asset managers who manage money on behalf of workplace DC pension schemes.
Estimated number of firms in scope: 50

£8.3m annually from reduced ad hoc requests for transaction cost information
- £6.7m from standalone schemes (6,700 x £1,000)
- £1.6m from mastertrusts / contract-based schemes (80 x £20,000)

Costs of calculating transaction costs:
- Third-party system users: £10,000 per annum
- In-house system users: £25,000 one-off cost
- No system users: £75,000 per annum
- Total one-off cost: £125,000
- Total ongoing cost: £775,000 per annum
Costs of reporting transaction costs to clients:
- Independent asset management firms: £150,000
- Insurance firms: £250,000
- Total one-off cost: £13.5m