Regulations
By Julie Binoche
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Charlotte Clark's Warning to the Industry. Charlotte Clark, the FCA's director of cross-cutting policy and strategy, was direct: consumers…
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SIPP Consultation Still Open. Separately, the FCA recently put out proposed changes for the self-invested personal pension market.
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Britain's financial watchdog wants pension providers to clean up their act on older, closed products — and it's not asking nicely anymore.
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The FCA's review zeroed in on unit-linked non-workplace pension products that are closed to new savers.
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Some providers are already capping or cutting charges, simplifying product structures, and actively moving customers into better-value alternatives.
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Charlotte Clark, the FCA's director of cross-cutting policy and strategy, was direct: consumers with older products shouldn't get left behind. That's pretty much the core message.
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Clark tied the legacy product push to broader FCA reform work — pensions dashboards and targeted support measures are both in the mix.
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The FCA also said it's actively engaging with firms to understand the barriers they face. Outdated systems are one issue. Organizational resistance to change is another.
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Read also: Kirsty Cooper Chairs FCA Listing Authority Panel as Woodman and Hammerstein Stay On
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Separately, the FCA recently put out proposed changes for the self-invested personal pension market. The consultation on those proposals closes August 24, 2026.
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The SIPP consultation is part of the FCA's broader Pensions Regulatory Priorities, which frames modernizing long-term savings as an ongoing regulatory commitment rather than a…
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Worth noting: the FCA's push on legacy products isn't just about fees. It's also about data.
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The industry is now waiting on further guidance as reforms work through approval and implementation.
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More context: Russias Digital Ruble Targets September Launch With Major Banks and Retailers
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And the FCA's message to slower-moving providers is pretty clear: the firms already doing this work are proving it's possible.
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