The Financial Conduct Authority (FCA) was taken to task by the regulator in a rare case of one watchdog fining another.

The FCA’s pension plan was fined £2,000, the heaviest sanction available, after the annual statement from its chairwoman failed to provide enough information to the members of the scheme.

Baroness Hogg, chairwoman of the FCA’s pension plan trustee board, said: “It’s been a salutary lesson to be reminded what it’s like to be at the other end of the regulator’s telescope. It’s clearly important that pension scheme members get all the information required.

“I have apologised to them for what happened in 2018, we have made all the information available and for our 2019 statement we improved our processes to ensure we were fully compliant with TPR’s requirements.”