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>
IGCs have a duty to scrutinise the value for money of the provider\u2019s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider\u2019s 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>
In 2016, the FCA reviewed IGCs and found that they were \u201cgenerally effective\u201d in influencing and advancing cost reductions for members. The review also found that the Independent Project Board\u2019s 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>
The FCA has announced that it will undertake a further review of IGCs in 2019/20.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "262256"} , {"_value" : "262257"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T13:34:39.917Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Workplace Pensions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/491", "label" : {"_value" : "Biography information for Dame Angela Eagle"} } , "tablingMemberConstituency" : {"_value" : "Wallasey"} , "tablingMemberPrinted" : [{"_value" : "Ms Angela Eagle"} ], "uin" : "262255"} , {"_about" : "http://data.parliament.uk/resources/1130881", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130881/answer", "answerText" : {"_value" : "
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>
IGCs have a duty to scrutinise the value for money of the provider\u2019s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider\u2019s 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>
In 2016, the FCA reviewed IGCs and found that they were \u201cgenerally effective\u201d in influencing and advancing cost reductions for members. The review also found that the Independent Project Board\u2019s 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>
The FCA has announced that it will undertake a further review of IGCs in 2019/20.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "262255"} , {"_value" : "262257"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T13:34:39.963Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Workplace Pensions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/491", "label" : {"_value" : "Biography information for Dame Angela Eagle"} } , "tablingMemberConstituency" : {"_value" : "Wallasey"} , "tablingMemberPrinted" : [{"_value" : "Ms Angela Eagle"} ], "uin" : "262256"} , {"_about" : "http://data.parliament.uk/resources/1130882", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130882/answer", "answerText" : {"_value" : "
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>
IGCs have a duty to scrutinise the value for money of the provider\u2019s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider\u2019s 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>
In 2016, the FCA reviewed IGCs and found that they were \u201cgenerally effective\u201d in influencing and advancing cost reductions for members. The review also found that the Independent Project Board\u2019s 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>
The FCA has announced that it will undertake a further review of IGCs in 2019/20.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "262255"} , {"_value" : "262256"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T13:34:40.01Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Workplace Pensions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/491", "label" : {"_value" : "Biography information for Dame Angela Eagle"} } , "tablingMemberConstituency" : {"_value" : "Wallasey"} , "tablingMemberPrinted" : [{"_value" : "Ms Angela Eagle"} ], "uin" : "262257"} , {"_about" : "http://data.parliament.uk/resources/1130883", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130883/answer", "answerText" : {"_value" : "
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T13:30:26.157Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Workplace Pensions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/491", "label" : {"_value" : "Biography information for Dame Angela Eagle"} } , "tablingMemberConstituency" : {"_value" : "Wallasey"} , "tablingMemberPrinted" : [{"_value" : "Ms Angela Eagle"} ], "uin" : "262258"} , {"_about" : "http://data.parliament.uk/resources/1131004", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131004/answer", "answerText" : {"_value" : "
The Government is determined that all insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority\u2019s (FCA) rules.<\/p>
<\/p>
The FCA has placed access and vulnerability at the core of the its Mission and Business Plan. For example, it is currently exploring options for signposting consumers with pre-existing and historic medical conditions, such as mental health conditions, to specialist travel insurance providers so that these consumers are better able to access suitable insurance.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T13:27:04.977Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Insurance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps he is taking to ensure that insurance companies do not unfairly discriminate against consumers with (a) historical and (b) current mental health conditions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4486", "label" : {"_value" : "Biography information for Hannah Bardell"} } , "tablingMemberConstituency" : {"_value" : "Livingston"} , "tablingMemberPrinted" : [{"_value" : "Hannah Bardell"} ], "uin" : "262447"} , {"_about" : "http://data.parliament.uk/resources/1131016", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131016/answer", "answerText" : {"_value" : "
The Government works closely with the Financial Conduct Authority (FCA), the independent financial services regulator, to ensure that the market for pensions advice works well, competitively and fairly, especially as consumers now have a wider variety of choice, with the onset of pension freedoms.<\/p>
In 2017, the FCA published the results from its Assessing Suitability Review (ASR I) which looked at pension and investment advice delivered during 2015. The review showed that generally financial advice was suitable in 93.1% of cases, across a statistically representative sample of the entire market. The FCA are undertaking further work looking at the market for pensions transfer advice.<\/p>
In August 2015 HM Treasury and the FCA launched the Financial Advice Market Review (FAMR) and have since then implemented its recommendations to ensure the financial advice market works better for consumers. The government and FCA are conducting a review of FAMR throughout 2019.<\/p>
The Government is also committed to ensuring that people have access to free-to-access financial guidance and information on the options available to them when accessing their Defined Contribution pension, which is why PensionWise, now part of the Money and Pensions Service (MAPS), was set up in 2015.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T13:25:01.897Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pension Funds: Consumer Information"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment she has made of the adequacy of advice given to retirees accessing their pension funds for the first time.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1436", "label" : {"_value" : "Biography information for Paul Farrelly"} } , "tablingMemberConstituency" : {"_value" : "Newcastle-under-Lyme"} , "tablingMemberPrinted" : [{"_value" : "Paul Farrelly"} ], "uin" : "262271"} , {"_about" : "http://data.parliament.uk/resources/1131061", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131061/answer", "answerText" : {"_value" : "
I have regular discussions with the Home Secretary and the Communities Secretary about their budgets, including the impact of any government policy that may affect local authority finances.<\/p>
<\/p>
We need to make sure our immigration system is fair, while also protecting the taxpayer. There are already exemptions to the \u2018no recourse to public funds\u2019 condition for those in genuine need, such as those facing destitution or to protect the welfare of a child. I would expect the relevant departments to raise any issues at the Spending Review, where we can consider how we fund our priorities across government.<\/p>
<\/p>
Local Government Core Spending Power is increasing in real terms this year. We have provided an additional £650m for social care in 2019-20.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4097", "label" : {"_value" : "Biography information for Elizabeth Truss"} } , "answeringMemberConstituency" : {"_value" : "South West Norfolk"} , "answeringMemberPrinted" : {"_value" : "Elizabeth Truss"} , "dateOfAnswer" : {"_value" : "2019-06-13", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-13T07:25:06.663Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Local Government Services: Migrants"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the No Recourse to Public Funds condition on local authority budgets by local authority area.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4088", "label" : {"_value" : "Biography information for Stella Creasy"} } , "tablingMemberConstituency" : {"_value" : "Walthamstow"} , "tablingMemberPrinted" : [{"_value" : "Stella Creasy"} ], "uin" : "262363"} , {"_about" : "http://data.parliament.uk/resources/1130339", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130339/answer", "answerText" : {"_value" : "
Disguised Remuneration (DR) schemes are contrived arrangements that pay loans in place of ordinary remuneration, with the sole purpose of avoiding income tax and National Insurance contributions. The loans are provided on terms that mean they are not repaid in practice, so they are no different to normal income and are, and always have been, taxable.<\/p>
<\/p>
The Government estimates that around 50,000 individuals could be affected by the 2019 loan charge. Further information on who the charge affects can be found at page 17 of HM Treasury\u2019s report on time limits and the charge on disguised remuneration loans:<\/p>
<\/p>