The Pensions Regulator (TPR) has issued the Financial Conduct Authority (FCA) Pension Plan with a £2,000 fine over non-compliance with Chair’s Statement regulations.

TPR revealed that the fine was handed down for its non-compliant 2018 Chair’s Statement between 1 July and 30 September 2019.

The value of the fine is the highest amount that TPR can issue for this kind of offense.

Commenting, an FCA spokesperson said: “In considering the FCA Pension Plan’s application to become an authorised master trust, TPR reviewed its 2018 DC governance statement and ruled it contained insufficient detail.

“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.”

Schemes annual chair's statements are required to explain how it meets certain standards and regulations, including details of its default fund, governance, and costs and charges.

Alongside the FCA Pension Plan, the regulator also issued fines of £2,000 to The Salvus Master Trust and Accenture Retirement Savings Plan.

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