According to TPR, the FCA ‘Pension Plan’ did not comply with the law because it did not include “all of the information that it should have”.
Non-compliant chair’s statements (or DC Governance Statements) are subject to a mandatory fine of between £500 and £2,000, and the amount fined depends on the number of members in the scheme with money purchase benefits.
An FCA spokesperson said: “In considering the FCA Pension Plan’s application to become an authorised master trust, the Pensions Regulator reviewed its 2018 DC governance statement and ruled it contained insufficient detail.”
They added: “The FCA Pension Plan Trustee has apologised to members of the plan, and reviewed systems and processes to ensure all the required information is available to members and the 2019 governance statement (provided in October) was fully compliant.
“The plan’s application to become an authorised master trust has been approved.”
TPR said it will “take action” against the trustee of any scheme which fails to comply with the chair’s statement requirements.