The Financial Conduct Authority has published a statement clarifying how opt-in workplace savings schemes can be offered so employers and savings providers can implement them with greater confidence. The clarification is intended to help more employees access payroll-based savings arrangements while operating within existing legislation. The statement sets out how employers can structure schemes to avoid breaching National Minimum Wage requirements and explains how providers can meet financial promotions requirements. It was developed with input from HM Treasury, the Money and Pensions Service, the Information Commissioner’s Office, the Department for Business and Trade and the Prudential Regulation Authority, against a backdrop of low levels of cash savings and limited employer take-up of workplace savings schemes. The FCA indicated it will continue to work with government and other stakeholders on ways to unlock further opportunities for consumers to build savings resilience, while HM Treasury referenced plans to publish a Financial Inclusion Strategy later in the year.
Financial Conduct Authority 2025-08-26
Financial Conduct Authority clarifies National Minimum Wage and financial promotions expectations for opt-in workplace savings schemes
The Financial Conduct Authority (FCA) clarified the implementation of opt-in workplace savings schemes to boost employee access to payroll-based savings while adhering to existing legislation. Developed with input from government bodies, the guidance addresses structuring schemes to comply with National Minimum Wage and financial promotions requirements. The FCA will continue collaborating with stakeholders to enhance consumer savings resilience, with HM Treasury planning a Financial Inclusion Strategy release later this year.