2017年-FCA英国金融行为监管局_pension_reforms_proposed_changes_to_our_rules_and_guidance_cp15_30_and_ps16_12_4页_150kb

Summary of Regulator Assessment: Qualifying Regulatory Provisions

Core Content

The document outlines the FCA's assessment of the regulatory provisions introduced as part of the Pension Reforms – proposed changes to our rules and guidance (CP15/30 and PS 16/12). These reforms, which came into effect in April 2016, October 2016, and April 2017, aim to provide consumers with more freedom in accessing their pension savings from the age of 55. The reforms also include a review of existing rules and guidance to ensure they align with the objectives of promoting well-governed products and delivering value for money in competitive markets.

The assessment is conducted in the context of a Domestic regulatory activity and does not include the implementation of the Cutting Red Tape review. The changes affect all areas of the UK and primarily target UK firms providing pensions, annuities, and income drawdown products, with an estimated total of 180 firms affected. Additionally, investment advice firms advising on Flexi Access Drawdown arrangements may be impacted, with a maximum of 5,000 firms estimated to be affected.

Main Policy Interventions and Implementation Dates

Key Changes and Their Impact

25 April 2016: Retirement Risk Warnings

• Description: Firms are given additional options to provide risk warnings, but these are not mandatory.
• Costs: No expected one-off or ongoing costs to businesses.
• Benefits: Annual benefit to firms that choose to implement these options.

10 October 2016: Communications Concerning Accessing Pension Savings

• Description: Changes to disclosure documents and the ban on including application forms in wake-up packs.
• One-off Costs:
  • Updating disclosure documents and information given to consumers.
• Ongoing Costs: None.
• Benefits: None.
• Reasoning: The changes align with existing practices and codes of conduct, and the cost of compliance is likely embedded in regular operations.

6 April 2017: Product Communications to Customers Who Take Advantage of Pension Freedoms

• Description: Updates to point-of-sale disclosures to reflect new pension freedom options.
• One-off Costs:
  • Updating systems to produce disclosures covering new options.
• Ongoing Costs: None.
• Benefits: Ongoing benefits for firms by not needing to provide projections of benefits and charges when a customer withdraws all pension funds.

Costs and Benefits Breakdown

One-off Costs

• Retirement risk warnings: Training and updating disclosure documents.
• Communications concerning accessing pension savings: Updating existing documents and communications.
• Product communications to customers: Updating point-of-sale disclosures.

Ongoing Costs

• Communications concerning accessing pension savings: No additional ongoing costs.
• Certification criteria for High Net Worth Investor and Restricted Investor: No ongoing costs as firms already perform these checks.
• Determining maximum projection rates: No ongoing costs.
• Projecting a future annuity – mortality assumption: No significant ongoing costs, as firms already update mortality tables annually.

Benefits

• Retirement risk warnings: Annual benefit to firms that choose to implement them.
• Product communications to customers: Annual benefit from not providing projections of benefits and charges in certain cases.

Additional Information for BIT Score Validation

The BIT score for the policy is 29.0, with a business net present value of -53.45 and a net cost to business (EANDCB) of 5.8 over a 10-year duration. This score reflects the overall impact of the regulatory changes on businesses, considering both the costs and potential benefits.

The FCA has provided detailed information in the consultation paper CP15/30 and the subsequent policy statement PS 16/12, which can be referenced for further validation of the BIT score.