The FCA has published its business plan for 2021/22, setting out its priorities for the next 12 months. You can read the full details here.

We’ve been saying for a while now that it feels like the FCA has bigger issues to deal with than the advice sector and, DB pension transfers aside, probably doesn’t have many huge concerns with what advisers are up to.

A quick word search for “advisers” on the 48-page business plan proves this point, with zero mentions.

However, that’s not to say there is nothing for advisers to be aware of.

Probably the most interesting announcement is that the regulator will begin a review of aspects of the rules on the scope and coverage of Financial Services Compensation Scheme payouts.

Nothing concrete here yet, and that will come in time.

But it is encouraging to hear the FCA recognises the need to evolve the “good guys pay” model, while also balancing out the need for consumer protection and redress.

Elsewhere pensions get a specific mention. The FCA says:

“We will continue our work to improve pension advice, including defined benefit pension transfer advice. This includes helping to ensure that consumers who have lost valuable benefits following unsuitable advice know how to get redress.

"We will also take assertive enforcement action where there is serious misconduct.”

It is also planning to:

·       Design and launch an evidence-led view on how best to drive value for money in pensions

·    Consult on changes for non-workplace pension providers to help ensure consumers are offered an appropriate default solution where they need it.

Potentially the most impactful set of changes has already been announced, with the current open consultation on a new Consumer Duty.

This is still at an early stage, with no new rules until at least this time next year, but could be the most impactful change for the advice sector since the RDR.

We’ll share more thoughts on this as the consultation progresses.