Source · Select Committees · Work and Pensions Committee
Recommendation 23
23
Not Addressed
Paragraph: 92
We recommend that the Department for Work and Pensions should consider the options available for...
Recommendation
We recommend that the Department for Work and Pensions should consider the options available for the Money and Pensions Service to offer enhanced guidance or limited advice, including through technological solutions. Regulated advice comes at a cost to savers, which can be a barrier for many, whereas the guidance currently provided may not be enough for some people to avoid them becoming a victim of a scam. We have asked for views on this in the call for evidence for the second part of our inquiry which will look at how people access pension savings.
Government response summary AI-generated
The government's response focuses entirely on HMRC's role in registering pension schemes and related tax matters, and does not address the recommendation for DWP to consider options for the Money and Pensions Service to offer enhanced guidance or limited advice.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
92
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
Under the Financial Guidance and Claims Act 2018, the Money and Pensions Service (MaPS) was established as a corporate body with functions relating to financial guidance. The legislation clearly sets out the separate functions of the Service. It is not within its remit to deliver regulated financial advice and for the Service to do so would require a significant change in scope as well as a change to primary legislation. The Government’s key priorities remain to enable a financial advice market that works well for firms and consumers, as well as make free-to-access financial guidance available to everyone who needs it. We are keen to explore how MaPS can work together with the regulators, Government and industry to ensure there are no gaps in consumers’ understanding of financial matters and that they can access the right support and guidance at the right life stages. The Financial Conduct Authority’s perimeter guidance sets out detailed examples to give firms clarity about the financial advice and guidance boundary.
Read the full response on Parliament ↗