In this section we look at how the pensions industry is regulated and who regulates it. We outline the roles of the regulatory organisations TPR (the Pensions Regulator), the FCA (Financial Conduct Authority), and the PRA (Prudential Regulation Authority) and look at how financial advice should be given.
This section relates to Regulation and Policing of Pensions Schemes and can be found in the relevant pages of the Retirement Provision Certificate Study Manual 2022.
2.Think about it
Imagine you are a financial adviser. Think about what information you may need from your customer in order to provide 'independent advice'. Make a notes to structure your revision practice.
3. Fact Finding
Statutory Sick Pay
Let's find out exactly what Statutory Sick Pay (SSP) entails, so that when you consider disability benefits you are aware of the basic entitlements.
STEP 1 - Visit TPR's website using the logo link below:
STEP 2 - Follow the link at the bottom of the page under About us: 'How we regulate and enforce' and click on the 'Our powers' link under the section headed 'Our approach to regulating'. What are the three key powers listed here?
You can now check your knowledge by a short test. Once completed then check your answers against those given.