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New enforcement policies: consultation

Published: 29 September 2021
Closing date: 22 December 2021
Response: 4 May 2022

A consultation on our approach to the new powers introduced by the Pension Schemes Act 2021 and their interaction with our existing powers.

Summary

The Pension Schemes Act 2021 has introduced a number of new powers.

This consultation is for three draft policies which explain our approach to the following:

  • Overlapping powers policy – where we have the options to pursue both criminal and/or regulatory powers in respect of the same set of circumstances.
  • Monetary penalty powers policy – new penalty powers to impose high fines for information gathering and avoidance related scenarios.
  • Information gathering powers policy – the use of section 72 notices, interviews and inspections in the context of our enforcement cases, including our approach to the new fixed and escalating penalty powers for non-compliance.