Asked by: Becky Gittins (Labour - Clwyd East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will commission a review into the Financial Conduct Authority’s handling of historic pension transfer cases involving qualifying recognised overseas pension schemes.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
There are no plans to commission a review into the Financial Conduct Authority (FCA) related to qualifying recognised overseas pension schemes (QROPS).
A QROPS is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings.
Those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions.
Asked by: Becky Gittins (Labour - Clwyd East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that all consumers are given access to financial services advice.
Answered by Tulip Siddiq
The Government is committed to ensuring that consumers can access high-quality, affordable and suitable financial advice, as well as free-to-access financial guidance, when they need it.
HM Treasury works closely with the Financial Conduct Authority (FCA), the independent regulator of the financial advice market, to ensure that this market works well, competitively and fairly for both firms and consumers.
The Government also sponsors the Money and Pensions Service to provide free, impartial money and pensions guidance directly to consumers online and by telephone.
However, the Government recognises that there are challenges around the cost and availability of financial support.
To address this, the Government and FCA are conducting a joint review of the regulatory boundary between financial advice and guidance, with the objective of improving access to helpful support whilst maintaining strong protections for consumers.