Proposals to enhance the Island’s regulatory framework for private pensions and their providers

We asked for views on proposed changes to the regulatory framework for pension schemes and pension providers to:

• include appropriate conduct and prudential regulatory requirements for pension providers; and

determine which legislation would provide for this.

We received nine responses to the Discussion Paper. There was strong support for the proposal to amend the regulatory framework – see the response document for further detail.

We concluded that bringing pension providers under the scope of the Financial Services Act 2008 represented the most efficient and effective means of developing the regulatory framework for pension providers. We are now developing the proposals and preparing draft legislation which will be subject to public consultation in due course.