Pensions Advice

Baroness O'Cathain Excerpts

Wednesday 23rd July 2014 Lords Chamber

[Lord Newby]

My Lords, this is why we have set up a new framework for regulation and why we established the Financial Conduct Authority. We have given the authority much greater powers than the FSA had to deal explicitly with these problems. We have to be sure that the new products which are coming forward meet the standards that the noble Baroness wishes to see. The FCA is tasked with that job and is absolutely determined to avoid the problems of mis-selling that we have seen in the past.

[Baroness O'Cathain (Con)]

My Lords, is it at all possible that any information on pensions that goes to the ordinary man or woman in the street, like me, could be passed by the Plain English Campaign because there is nothing worse than page after page of small print in stupid words?

[Lord Newby]

My Lords, I completely agree. For many years I have been trying to persuade the financial sector to do as the medical sector does and establish a professional body of writers to try to ensure that the material that people get is comprehensible. As far as this particular process is concerned, the FCA is looking to provide a template that pensions providers will complete, which might be on as little as a single sheet of paper, that will provide the basis for the guidance that is subsequently given.