Source · Select Committees · Work and Pensions Committee
Recommendation 13
13
Accepted
Paragraph: 61
Measures are in place for contract-based schemes to offer investment pathways, but equivalent measures are...
Recommendation
Measures are in place for contract-based schemes to offer investment pathways, but equivalent measures are some way off for trust-based schemes and their final form may differ. This is not an isolated case of different measures being in place for contract-based and trust-based schemes without a clear rationale. We are disappointed that yet again the two pension regulators dealing with savers in near identical positions have failed to coordinate their work resulting in unnecessary risk for members of trust-based schemes and the pension landscape being more confusing than necessary. We recommend that all consultations covering pension 62 Protecting pension savers—five years on from the Pension Freedomss Accessing pension savings regulation should be run jointly by the Pensions Regulator and the Financial Conduct Authority unless there is a clear and published reason for a different approach.
Government response summary AI-generated
The government states that HM Treasury works closely with the FCA to ensure that the financial advice market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality, including for pensions advice.
Paragraph Reference:
61
Government Response
The government responded to this report on 27 April 2022. No passage in that response could be matched to this recommendation. Read the response document ↗