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1132189
star this property registered interest false more like this
star this property date less than 2019-06-13more like thismore than 2019-06-13
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what steps they are taking to ensure that independent governance committees (IGCs) monitor and provide effective oversight of the suitability of all the retail fund choices available to pension scheme members through the firm which an IGC oversees. more like this
star this property tabling member printed
Baroness Drake more like this
star this property uin HL16350 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-26more like thismore than 2019-06-26
star this property answer text The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes. IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.<p><strong> </strong></p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The FCA has announced that it will undertake a further review of IGCs in 2019/20. more like this
unstar this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-26T16:50:19.19Zmore like thismore than 2019-06-26T16:50:19.19Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
4155
unstar this property label Biography information for Baroness Drake more like this
1130880
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that (a) investment choices available to workplace pension customers are regularly reviewed by Independent Governance Committees and (b) those investment choices are aligned with the interests of customers. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262255 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
262256 more like this
262257 more like this
star this property question first answered
less than 2019-06-13T13:34:39.917Zmore like thismore than 2019-06-13T13:34:39.917Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1130881
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make it his policy that Independent Governance Committees attached to contract-based workplace pensions have a duty to monitor the suitability of the retail fund choices available to scheme members. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262256 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
262255 more like this
262257 more like this
star this property question first answered
less than 2019-06-13T13:34:39.963Zmore like thismore than 2019-06-13T13:34:39.963Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1130882
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of scrutiny by Independent Governance Committees of the retail funds offered within workplace pensions products. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262257 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
262255 more like this
262256 more like this
star this property question first answered
less than 2019-06-13T13:34:40.01Zmore like thismore than 2019-06-13T13:34:40.01Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1130883
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential conflict of interests in the business model of vertically integrated companies offering retail investment platforms, asset management and workplace pensions products. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262258 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the Member by letter. A copy of the letter will be placed in the Library of the House.</p> more like this
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property question first answered
less than 2019-06-13T13:30:26.157Zmore like thismore than 2019-06-13T13:30:26.157Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1087137
star this property registered interest false more like this
star this property date less than 2019-03-12more like thismore than 2019-03-12
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the Financial Conduct Authority in protecting people transferring out of pensions schemes. more like this
star this property tabling member constituency Aberavon more like this
star this property tabling member printed
Stephen Kinnock more like this
star this property uin 231500 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-15more like thismore than 2019-03-15
star this property answer text <p>Assessing the harm caused by unsuitable pension transfer advice and identifying the most effective ways to reduce it is a key priority for the Financial Conduct Authority (FCA).</p><p> </p><p>Last year, the FCA issued new rules and guidance on improving the quality of pension transfer advice. These provide advisers with a framework to better enable them to give good quality advice so that consumers can make better informed decisions.</p><p> </p><p>In December 2018, the FCA concluded a review on pension transfer advice which reviewed the suitability of the advice. The FCA has also requested data from every firm with permission to advise on defined benefit (DB) pension transfers to provide a complete picture on the market. Following the analysis of this information, the FCA will begin a wide-ranging programme of activity with firms in 2019.</p><p> </p><p>In addition to this, the FCA and The Pensions Regulator published a joint strategy in October 2018 which includes a workstream on improving member and consumer outcomes from DB pension transfers.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property question first answered
less than 2019-03-15T08:21:28.32Zmore like thismore than 2019-03-15T08:21:28.32Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4359
unstar this property label Biography information for Stephen Kinnock more like this
890325
star this property registered interest false more like this
star this property date less than 2018-04-24more like thismore than 2018-04-24
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of firms that operate self-invested personal pension schemes for individuals which have ceased operating within the past two years. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 137489 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-04-27more like thismore than 2018-04-27
star this property answer text <p>HMRC does not hold the information requested. HMRC does not hold information that allows them to identify self-invested personal pensions separate from overall personal pensions.</p> more like this
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property question first answered
less than 2018-04-27T10:01:12.82Zmore like thismore than 2018-04-27T10:01:12.82Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell more like this