Protecting pension savers–five years on from the pension freedoms: Pension scams: Government, The Pensions Regulator and Financial Conduct Authority Responses to the Committee’s Fifth Report of Session 2019–21

This is the government's response, published 6 July 2021.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The Government "notes" the Committee's report, says it takes the recommendations "very seriously", and states it has "agreed with many of the recommendations from the outset" while it will "continue to look closely at the remaining recommendations".

• On the red and amber flag system for pension transfers, the Government agrees that the policy should be reviewed and that the flags' suitability forms part of that review, but "cannot" guarantee any legislative changes could be made "during this Parliament".
• It does not agree that inclusion on the FCA warning list should itself be a red flag, saying the Pension Schemes Act 2021 does not give powers "to use a third parties list or determination".
• It declines additional reporting by the City of London Police to Parliament on Action Fraud, saying it is "unnecessary" and oversight "should remain with the Government".
• The Government is "committed to publishing a comprehensive Fraud Action Plan after this year's Spending Review", but "cannot commit" to publishing details of its coordination with the Treasury.

Read the government's response ↗ Report an error