(1 week, 6 days ago)
Commons ChamberI have had meetings with Which? and other consumer representatives. I reassure my hon. Friend that we are reviewing FOS. We want to make sure that it is a simple, impartial dispute resolution service that quickly and effectively deals with complainants so that consumers can get a fair deal, but that financial services firms are not subject to a quasi-regulator in the way they are at the moment.
(6 months, 4 weeks ago)
Commons ChamberDue to the Government’s steadfast commitment to the triple lock, pensioners will see an above-inflation increase of 4.1% in their state pension next year, which means that they will be up to £470 better off—and, over the course of this Parliament, over £1,900 better off.
I thank the Minister for the insight. In Mid Dunbartonshire, nearly a quarter of my constituents are of pension age. Many have placed their hard-earned income into private schemes, yet despite their financial planning, they face the harsh reality that inflation is outstripping the modest yearly increase to their pension, eroding the value of their lifetime of saving. What steps will she take to prevent the erosion in value of private pensions, and to mitigate the problem of the growth in the value of pension funds not being passed on to pension holders?