Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

clock • 6 min read

We are moving into a new age of speed, where both regulatory disclosure and tax rule changes must be implemented more swiftly than ever before, writes Paul Muir

Keeping pensions technology up to date with financial regulatory and pensions tax reforms has become tougher of late. You only have to look at the speed and complexity of recent changes demanded by HM Treasury and the Financial Conduct Authority to realise this. Firstly, we had the announcement of the abolition of the lifetime allowance (LTA) in the Chancellor's Spring Budget 2023. The LTA tax charge was removed on 6 April 2023 (22 days after it was first announced). It was abolished at the start of the new tax year on 6 April 2024 after eighteen years of existence. There is no denyin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read