Code of practice 09
Internal controls
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Reporting
- There is no explicit statutory requirement to report a lack of adequate internal controls. However, persistent failure to put in place adequate internal controls may, for example, be a contributory cause of an administrative breach or, in more extreme cases, result in the reduction or loss of scheme assets.
- Where the effect and wider implications of not having in place adequate internal controls are likely to be materially significant, the regulator would expect to receive a whistleblowing report. We would therefore expect users of this code to have a working knowledge of code of practice No. 1 (Reporting breaches of the law) which gives specific guidelines on reporting.
The Pensions Regulator's powers
- The regulator's principal aim is to prevent problems from developing and, where possible, provide support and advice to trustees where potential problems are identified. The regulator also has at its disposal a number of powers or regulatory tools that may be used in circumstances where serious internal control failings occur.
- Regulatory action would have regard to the circumstances of the scheme and any use of powers would be proportionate.
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