The Financial Conduct Authority has been slapped with a £2,000 fine by The Pensions Regulator over a non-compliant chair's statement.
This is the maximum fine The Pensions Regulator can issue for poor statements.
In an online notice describing fines it has issued against pension schemes large and small, TPR said it had issued the fine against the FCA Pension Plan for its failure to produce a compliant ‘chair's statement'.
The FCA Pension Plan trustee has apologised to members of the plan and reviewed systems and processes"
The chair's statement is the document in which the DC scheme trustees explain the actions they have taken to comply with certain obligations.
It must include information on the scheme's default fund and its governance, the costs and charges applied, and the assessment of value for members, among other topics.
An FCA spokesperson said: "In considering the FCA Pension Plan's application to become an authorised master trust, TPR reviewed its 2018 defined contribution 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 fine was issued during Q3 2019, however The Pensions Regulator noted that although penalties are listed when they become payable, they may relate to an historical breach.