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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 more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Occupational Pensions more like this
unstar this property house id 1 remove filter
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
unstar this property uin 262255 remove filter
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
star 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
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this