The U.K. Financial Conduct Authority and The Pensions Regulator are developing a common framework to help defined contribution executives assess whether they are offering value for money investments to plan participants.
The FCA and TPR are proposing that plans with assets of less than £100 million ($139 million) disclose investment performance, plan oversight, data quality and communications, and costs and fees as part of the effort to determine whether they are offering value for money investments. These plans are mandated by the U.K. government to report on value for money beginning in October this year.
The framework will also aim to allow trustees and independent governance committees of DC plans to compare their plans' costs and fees, investment performance and service standards with other providers.
The FCA and TPR want industry participants to comment on the framework by Dec. 10.