The Financial Conduct Authority (FCA) has been fined £2,000 by The Pensions Regulator (TPR).
The fine is due to insufficient detail in their 2018 Defined Contribution pension governance statement and is the maximum fine TPR can issue for poor scheme disclosure and information statements.
TPR issued the fine during the third quarter of 2019 and noted that although penalties are listed when they become payable, they could relate to a historical breach i.e. published now but issued a few months ago.
It is the law for trustees to produce clear and transparent statements and make sure they contain all the necessary information for scheme members. That said, a maximum £2,000 fine regulator on regulator smacks as a 'tap on the steering column of a super tanker buddy with a feather' when the Financial Ombudsman service can make compensation awards of up to £350,000 on financial advisers for each and every claim.