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.
Response
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.