FCA has published a revised direction to extend the modification by consent of its Conduct of Business Sourcebook (COBS) in relation to pension schemes. The modification by consent is intended to ensure that there is a methodology for projections for uncrystallised funds pension lump sum payments consistent with the methodology required for drawdown pension projections, given that these are defined separately in legislation. It details additional requirements for regular payments out of uncrystallised funds and gives pension providers guidance on providing product information to clients. FCA has decided to extend the modification by consent, due to expire after 31 October, until 5 April 2017. (Source: FCA extends COBS 13 and 14 modification by consent)