It has now been almost nine months since the implementation of the Consumer Duty for open products, and with further key milestones to come in July 2024, the FCA is demonstrating that it is actively reviewing firm's compliance and overall alignment with the Duty, which will shortly include a review of the annual Governing Body Report.
On March 6, the U.K. government unveiled its Spring Budget, introducing yet more changes to the pensions landscape. Largely, these reforms are a continuation of the so-called “Productive Finance” initiative, which the Chancellor has been championing since Summer 2023, as well as the drive to improve outcomes for defined contribution ("DC") pension savers through both the value for money framework and the lifetime provider model.