Pension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to better schemes or driving improvements.The proposals aim to make it clearer how pensions perform, what they cost and the quality of service. So that people can get good value, and so that poor performing schemes are pushed to improve. Over 16 million workers have defined contribution (DC) pensions. Value for money makes a real difference for pension savers: over 5 years, a £10,000 pot could grow to £10,400 in a poor scheme or £15,100 in a high-performing one - 46% more.The proposals focus on long-term value and build on feedback from last year’s consultation, with new measures showing what returns and risks savers can expect over the next ten years. This latest consultation is for decision makers across the DC market, including trustees.Value for money assessments will be shown in a colour rating, with dark green for strong performance, light green for good value, amber for improvement, and red for poor value-making comparisons clear and easy.FCA deputy chief executive, Sarah Pritchard, said:'Good value isn’t just about low costs – it’s about strong performance, good service, and transparency. We want to see a focus on value. By working with government and The Pensions Regulator, we will help secure better returns for pension savers.'TPR chief executive, Nausicaa Delfas, said:'Millions of people rely on pension income to support them through later life. We have to make sure they get value for their money. This framework will empower decision-makers to either improve their scheme or consolidate out of the market. We want to hear the views of trustees to make sure we get this right and help transform pension saving for millions.'Minister for Pensions, Torsten Bell, said:'It is simply too difficult for people to know whether their pension savings are working for them. That's not right when we're talking about something as important as people's security in retirement.'These proposals change that. Pension schemes' performance will be public with a simple rating system. In future, savers will know if they are getting a good return or not. 'This is about being straight with people and making sure people’s savings work as hard as they did to earn them.'The framework also sets out:Stronger governance with clear expectations for trustees and providers.Clear steps to take when schemes are not giving members good value, including closing them to new business and moving members to better-performing schemes.These joint proposals are open for comment until 8 March 2025. Final rules will only be confirmed once responses have been considered and are subject to the Pension Schemes Bill receiving Royal Assent.Notes to editorsRead the Consultation Paper (PDF).TPR has a landing page for trustees which provides an introduction to the Consultation. See previous work from the FCA, DWP and TPR on Value for Money.The FCA regulates contract-based pensions, which involve a contract between an individual and the pension provider. TPR regulates trust-based pension schemes, which have a board of trustees overseeing the scheme.The UK government's Pension Schemes Bill 2025 is currently progressing through Parliament and includes the legislative powers to mandate a Value for Money (VFM) framework for trust-based schemes. FCA rules will introduce the framework for contract - based schemes. Timing of the framework is therefore subject to legislative agreement.The framework is one of a number of joint initiatives to deliver better outcomes for pension savers including Targeted Support and the Pensions Dashboard.The Consultation Paper is aimed at pension providers and aligns with the wider FCA objectives, including the Consumer Duty and competition.

This page contains information about fines published during 2026. The total amount of fines so far is £371,700. Firm or individual finedDateAmountReasonRichard Adam07/01/2026£232,800The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.Zafar Khan07/01/2026£138,900The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision.As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'Those in positions of responsibility have a duty to keep the market accurately and adequately informed. With Carillion, we have seen the serious impact it can have when they don’t. The action taken against Mr Adam and Mr Khan demonstrates our commitment to preventing market abuse and upholding the standards we expect.’Notes to editorsRichard Adam Final Notice (PDF).Zafar Khan Final Notice (PDF).Carillion plc (in liquidation) Decision Notice (PDF).Mr Adam was finance director of Carillion from April 2007 to 31 December 2016. He received an initial Decision Notice (PDF) dated 24 June 2022.Mr Khan was finance director of Carillion from 1 January 2017 to September 2017. He received an initial Decision Notice (PDF) dated 24 June 2022.The FCA has imposed the financial penalties on Mr Adam and Mr Khan for being knowingly concerned in breaches by Carillion of:Article 15 of MAR (prohibition of market manipulation) by disseminating information that gave false or misleading signals as to the value of its shares in circumstances where it ought to have known that the information was false or misleading;Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information;Listing Principle 1 (procedures, systems and controls) by failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations under the Listing Rules; andPremium Listing Principle 2 (acting with integrity) by failing to act with integrity towards its holders and potential holders of its premium listed shares.The findings in Mr Adam and Mr Khan’s Final Notices are those of the FCA and are not the subject of any judicial finding. Carillion’s former chief executive officer Mr Richard Howson received a Decision Notice (PDF) in respect of related findings, many of which are disputed by him. Mr Howson made a statutory reference to the Upper Tribunal and the hearing of his reference is scheduled to start on 16 February 2026.

The FCA has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were told they could make a claim for free, and whether they were pressurised to sign up.Announcing the investigation allows TCPA customers to consider their options.The FCA has not reached any conclusions on whether TCPA breached any regulatory requirements.Notes to editorsThe FCA notified TCPA of its intention to announce that it had opened an enforcement investigation on 1 September 2025. The firm applied to judicially review the FCA's decision to announce the investigation on 8 September 2025. The High Court dismissed the firm’s application on 23 October 2025, and the firm was refused permission to appeal by the Court of Appeal on 19 December 2025. The High Court’s judgment was released in two parts on 23 October 2025 and 2 January 2026.Customers signed up with claims managers who have concerns or issues can make a complaint to the firm. If they’re not happy with the response, they can make a complaint to the Claims Management Ombudsman or Legal Ombudsman if they are signed up with a law firm. Customers wishing to cancel an agreement with a claims manager or law firm should check whether they have the right to do so under their contract and for any potential exit fees.TCPA has used/uses a number of trading names, including: My Claim Group, Martin’s Tips, Karen’s Claims, Express PCP, and The PCP Guys.TCPA advertises for motor finance claims and refers potential claimants to law firms for representation services.TCPA applied to the FCA for a Voluntary Requirements Application (VREQ), effective from 12 August 2025. As part of the VREQ, TCPA was required to stop onboarding new customers, stop publishing new financial promotions and withdraw all existing financial promotions.The FCA's enforcement guide sets out its policy on publicising investigations, stating that “the FCA will not normally make public the fact that it is or is not investigating…” but may do so in exceptional circumstances.The FCA considers that the exceptional circumstances test has been met in relation to this announcement, as it is desirable to maintain public confidence in the UK financial system or the market, protect consumers or investors, prevent widespread malpractice, and maintain the smooth operation of the market.In July 2025, the FCA issued a joint statement with the Solicitors Regulation Authority and sent a letter to claims management companies (CMCs) setting out some concerns.The FCA's increased proactive monitoring has led to the removal or amendment of more than 740 misleading adverts by FCA regulated CMCs since January 2024.In October 2025, the FCA published its consultation paper on a proposed motor finance consumer redress scheme (CP25/27) for motor finance customers who were treated unfairly. The consultation closed on 12 December 2025: CP25/27: webpage. The FCA expects to publish final rules in either February or March 2026.