The guidance follows a consultation earlier this year. In light of the wide support for the changes that were proposed, the regulator has not made significant modifications to these proposals.
The regulator expects all schemes to measure their member records and, where necessary, have plans in place for improvement. The final guidance sets out a strengthened approach that includes:
- recommending specific targets for standards of common data;
- using regulatory powers to investigate standards within schemes including sampling schemes for data audit;
- potential enforcement action where there is a breach of legislation;
- setting a deadline of December 2012 for the resolution of outstanding data issues; and
- enhancing the education material on its website.
Bill Galvin, acting chief executive, said: "The feedback we received during the consultation has been very constructive, and working with the industry has enhanced and clarified our approach. We are confident that, notwithstanding the challenges in addressing these issues, this is the right way forward.
"Whilst there are encouraging signs of progress, we are yet to see the significant improvements we expect. We will continue to monitor how the industry responds and will report again in 2011."
Poor standards of member record-keeping can lead to additional costs in areas such as administration, claims from members, and wind-ups. Revised guidance on wind-ups was also published today.
More broadly, the original two year wind-up target set out in guidance of June 2008 expires on 30 June 2010. Progress has been positive, particularly with DC schemes, and the regulator's view remains that the two-year target is reasonable. The regulator will be intensively scrutinising those schemes that have failed to meet the target.
The record-keeping and wind-up consultation responses and the final guidance on record-keeping and revised guidance on wind ups can be accessed on the regulator's website:
http://tinyurl.com/tpr-press-release-020610
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