The FSA publishes fifth FSAVC Review Bulletin

Todays bulletin follows on from the FSAs publication in May of the procedures and standards to be used by firms reviewing their sales of Free Standing Additional Voluntary Contributions (FSAVCs).

The fifth bulletin gives explanatory guidance on:

• N2 and the FSAVC review
  
• The British Airways Pension Scheme
  
• Treatment of windfalls
  
• Gathering occupational pension scheme information
  
• Calculating the value of employer subsidised benefits
  
• Loss assessment supervision
  
• Reporting requirements after N2
  
• Uploading data on the FSAVC Review Reporter
  
• Reporting additional cases and Annex K
  
• Annex M information
  
• Calculation of target completion dates
  
• The BET Plant Pension Scheme

The FSAVC Review is a focused exercise, similar to that used for Phase Two of the Pensions Review, covering around 10% of FSAVC sales. The categories covered by the review are matched AVC schemes, where the investor could have benefited from extra employer contributions, and other subsidised AVC schemes where the employer could have enhanced contributions.

This bulletin refers to the Review Model Guidance published by the FSA in May 2000, and subsequent updates. These are available on the internet at http://www.fsa.gov.uk

Notes for editors

1. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

2. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.