Pension illustrations: The double-edged sword of tight regulation

'I am a firm believer the Consumer Duty outcomes are a positive'

clock • 7 min read

Paul Muir explains why tight pension illustration regulation risks standing in the way of Consumer Duty compliance obligations...

I recently asked one of my colleagues to provide a summary of the key Conduct of Business Sourcebook (COBS) rules which dictate what goes into a pensions key features illustration (KFI). Back came a list of 16 major rules which we must abide by when producing pensions illustrations for our clients in 2024. There are, in reality, even more than that. That's a lot of rules which determine exactly what we must put in these illustrations. They mandate how our customers present projections to consumers and how those projections are calculated. Many are frankly a turn-off for people reading...

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

Upper Tribunal upholds FCA decision to ban and fine advice duo

Upper Tribunal upholds FCA decision to ban and fine advice duo

Fines total more than £1m

Jen Frost
clock 30 May 2025 • 1 min read
FCA opens enforcement operation over Consumer Duty breaches by firm in wealth and asset management space

FCA opens enforcement operation over Consumer Duty breaches by firm in wealth and asset management space

Only one in the sector since Consumer Duty came into force

Cristian Angeloni
clock 30 May 2025 • 3 min read
FCA apologises to unregulated mini-bond issuer investors

FCA apologises to unregulated mini-bond issuer investors

Will pay £200 to individuals over complaint response delays

Jen Frost
clock 29 May 2025 • 2 min read