Linked Data API

Show Search Form

Search Results

registered interest false more like this
date less than 2019-06-10more like thismore than 2019-06-10
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Occupational Pensions more like this
house id 1 more like this
pref label House of Commons more like this
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
tabling member constituency Wallasey more like this
tabling member printed
Ms Angela Eagle more like this
uin 262256 remove filter
is ministerial correction false more like this
date of answer less than 2019-06-13more like thismore than 2019-06-13
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>
answering member constituency Salisbury more like this
answering member printed John Glen more like this
grouped question UIN
262255 more like this
262257 more like this
question first answered
less than 2019-06-13T13:34:39.963Zmore like thismore than 2019-06-13T13:34:39.963Z
answering member
label Biography information for John Glen more like this
tabling member
label Biography information for Ms Angela Eagle more like this