Tomorrow, Wednesday 15 November 2017, the Committee will question
the FCA, TPR, Economic Secretary to the Treasury and Pensions Minister
on the operation of pension
freedoms and the way the changing face of scams can be tackled.
Defined benefit transfer requests are surging, but advice is too
often unsuitable or unavailable. There is evidence people are
increasingly being convinced to transfer their pension into
unsuitable - but often not illegal - products or
investments, putting their retirement plans and financial
security at risk, or being hit with high charges.
The Committee will explore the range of ways of improving the
advice and guidance “offer”, and increasing uptake of it. It will
also discuss plans for the forthcoming pensions dashboard and
options to improve outcomes for disengaged savers such as the
FCA’s proposed default investment pathway.
The Committee has written to with some new questions it
expects answers to ahead of the session, including details of the
Government’s plans for a ban on cold-calling to prevent scams
(attached). The Committee will also be publishing correspondence
with TPR on the stats it has on the true scale of pensions scams.
At approximately 09:25 in Committee Room 15 in the Palace of
Westminster:
Nicola Parish, Executive Director of Frontline Regulation, The
Pensions Regulator
Christopher Woolard, Director of Strategy and Competition,
Financial Conduct Authority
At approximately 10:10
MP, Economic Secretary to
the Treasury
MP, Parliamentary Under
Secretary of State for Pensions and Financial Inclusion, DWP
Charlotte Clark, Director of Private Pensions and Arm's Length
Bodies, DWP
