Watchdog to ‘level playing field’ on costs for DC schemes

first_imgTo do this, the FCA said it was compelled to ask those responsible for providing pensions – including asset managers, pension providers, trustee boards and advisers to trustees and companies – to adequately illustrate the range of costs and fees that may impact a savings pot.The document said: “Our proposals are designed to ensure that scheme members can access better information about costs and charges, promoting more effective competition between firms in the interests of consumers.”The FCA said that, in turn, greater transparency about costs and charges could lead to workplace pension schemes being better held to account by their members, which would improve the orderly operation of financial markets.Rona Train, partner at Hymans Robertson, said the consultation was an “important step forward in levelling the playing field between trust and contract-based arrangements”.“Requiring the disclosure of costs and charges for all DC arrangements makes comparisons across products more simple,” said Train. “However, what we really need to see in addition to this is full disclosure of the way bundled charges are made up. For example, how much is attributable to investment fees, platform charges and administration costs?”Train said this would be a “welcome advancement” in the move towards greater transparency.The consultation will close on May 28. The Financial Conduct Authority is seeking views on its approach to try and ensure value for money across all defined contribution (DC) schemes in the UK.This week, the regulator issued a consultation document outlining how it plans to make trust and contract-based DC plans disclose fees and charges to members, the latest in its work towards ensuring value for the end customer.The consultation follows a review from the UK’s Office of Fair Trading on whether there is true competition in the market, and work by the regulator and government agencies on fairness across the sector.In the paper, the FCA said it wanted to ensure scheme members could find the information about costs and charges they required to establish “that they receive good value for money from their pension scheme and it will meet their needs for future retirement”.last_img read more

Premier League Title Decider Matches to Air Live on GOtv

first_imgGOtv subscribers are in for a football treat as the final games of the 2018/2019 Premier League season will be broadcast live on Sunday, 12 May at 3p.m. The games include title deciders involving the Premier League’s top two teams, Manchester City and Liverpool. The final day matches will be broadcast exclusively on GOtv Max and GOtvPlus packages.City, who recovered a seven-point deficit to climb above Liverpool on the table, will face 17th placed Brighton away at the Amex Stadium. The match will air live on SuperSport Select 2 at 3p.m. Pep Guardiola’s team have been in imperious form, but still need a win to reach 98 points to ensure they win the title for the second successive season. An unlikely victory for Brighton, who are already safe from relegation, will see them move up one place, which should provide some motivation and joy to second-placed Liverpool, who are seeking their first league title in 29 years.Jurgen Klopp’s side, who host impressive Wolves at Anfield (showing live on SuperSport Select 3 at 3p.m. ), will hope that Brighton sabotage City by putting up the kind of performance that earned them a 1-1 draw away to Arsenal in their last game. Even in the event of City dropping points away at Brighton, Liverpool still need a victory over Wolves to beat the defending Premier League champions to the title.  Wolves are not expected to roll over. Nuno Espirito Santos’ side record against the Premier League big six give them on hope on the trip to Anfield. They defeated Tottenham Hotspur 3-1 away from home, held Arsenal to a 1-1 draw at the Emirates, got the same result away to Manchester United, drew with Manchester City at home and defeated Arsenal 3-1 at Molineux. A Liverpool win may still not be enough if City do not drop points, a situation that will make Klopp’s side the first in Premier League history to reach 97 points and still not win the title.Other games to be broadcast include Arsenal vs Burnley (showing live on SuperSport Select 4 at 3p.m. ), Leicester vs Chelsea (showing live at 3p.m. on SuperSport Select 5) and Manchester United vs Cardiff City (showing live on SuperSport Select Go at 3p.m. ). Arsenal retain a faint hope of ending the season in fourth place, which will earn them the final UEFA Champions League slot. That hope is only realisable if they defeat Burnley by eight goals and Tottenham lose at Everton.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more