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ARTICLE · 10 OCTOBER 2016

Full Disclosure: FCA Proposes Additional Cost Transparency Obligations For UK Managers

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The Financial Conduct Authority (FCA) has published a Consultation Paper (CP16/30) which proposes rules and guidance to improve the disclosure of transaction costs in workplace pensions.

United StatesFinance and Banking
Akin Gump Strauss Hauer & Feld LLP
Akin Gump Strauss Hauer & Feld LLP
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Key Point

  • Proposed rules require UK firms to identify and disclose all transaction costs incurred for pension fund investors.

The Financial Conduct Authority (FCA) has published a Consultation Paper (CP16/30) which proposes rules and guidance to improve the disclosure of transaction costs in workplace pensions. The proposed rules have a broad application and will apply to not just the managers of occupational pension schemes but to any UK-authorised firm which holds information necessary for the calculation of transaction costs "in the course of providing services in connection with ... an investment vehicle in which a [pension scheme] is invested."  These rules are therefore likely to further increase the monitoring and record keeping obligations of any UK-authorised firm that acts as the manager of or sub-advisor to an investment fund in which UK pension schemes are invested.

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