Regulation Update


Regulation Update - Pensions

Pensions- T H March have pointed out that, The Pensions Regulator (TPR) is a friendly regulator but if you haven’t complied with your Auto-enrolment duties you could be in trouble. During the last few days, Inspection teams from TPR have visited dozens of businesses in and around Manchester, and previously London to check that qualifying staff are being given their workplace pension entitlement. Manchester first but where next? It could be you. Employers are notified only a matter of days in advance of a visit from TPR. In the first three months of 2017, TPR issued a total of 4,673 fixed penalty notices and 1,043 escalating penalty notices.

The FCA have announced their new strategy and their key themes will be Affordability, Financial Difficulty and Risk and ‘Better Outcomes for Customers’. They are concerned about water-bedding (un-intended consequences of regulation that solve one problem and create another), and will be reviewing cause and affect in relation to loan sharks.

FCA- Pawnbroking Review- FCA have announced a forthcoming pawnbroking review and are consulting with NPA aimed at a better understanding of our market. This will be in the form of a questionnaire and more details will follow. The Financial Crime Team have completed their first AML audit of a pawnbroker, those audited are selected randomly in various batches and the review, the outcome was believed to be positive. Most members have now completed their GABRIEL reporting- guidance can be found in the NPA members’ area.

The Summer NPA members’ magazine will feature AML guidance following the outcomes of the 4th AML Directive which the UK have adopted despite Brexit. It comes into force on 26th June. More details in NPA members area and in the forthcoming members magazine ‘The Pawnbroker’.

Preparations are underway for the General Data Protection Regulation (May 2018) and our magazine will give guidance on making sure your current DP policy is in a ‘good place’.