We have recently published the updated Code of Practice for Master Trust Authorisation, which has now been laid in parliament, and our response to the code consultation.
We have recognised the importance of listening very carefully to, and engaging with, master trusts and the industry.
Some consultation feedback said that the code provided helpful guidance and was comprehensive, while other respondents praised our proactive and open engagement with schemes. These comments were gratefully received.
We have worked hard to engage master trusts in the lead up to authorisation, which will shape the market going forward. For some schemes, meeting the authorisation standards in five areas will mean making changes in the way they operate, or choosing to wind up and exit the market.
The voluntary readiness reviews, have also been well received. Early feedback indicates that it has helped schemes understand what they need to do and to be prepared for when authorisation opens in October.
We have been happy to see that, so far, there has been a healthy consolidation market. A wide range of master trusts are actively taking on members from schemes that are choosing to exit before authorisation commences.
Clearly there is still more to do. But we are working hard to engage with master trusts and ensure that protecting scheme members remains the top priority.