Tom Tugendhat
Main Page: Tom Tugendhat (Conservative - Tonbridge)Department Debates - View all Tom Tugendhat's debates with the Cabinet Office
(8 years, 9 months ago)
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The Prime Minister
I am glad the right hon. Gentleman takes the English pronunciation of Farage, rather than the poncey, foreign-sounding one that he seems to prefer—a thoroughly good thing. I think we should listen to our friends and our allies. Looking around the world, it is hard to find the leader of a country who wishes us well who wants us to do other than stay inside a reformed European Union.
Tom Tugendhat (Tonbridge and Malling) (Con)
Q5. The new ISAs announced in this year’s Budget are very welcome. They will help people to save for homes and for retirement. As my right hon. Friend will have seen in this morning’s City AM, hidden fees can strip as much as a third off the gains a pension could make over a lifetime. What are the Government doing to ensure that firms investing people’s hard-earned savings reveal all the fees they charge, so that people know exactly what they will pay and can choose the investment that is best for them?
The Prime Minister
My hon. Friend has fought a long campaign on this—and rightly so. One of the things that sap people’s enthusiasm for investing in savings products is a sense that they do not understand the fees and charges, and do not know how much they will get. Since last April, we have ensured that trustees of defined contribution pension schemes report charges levied on members. The Financial Conduct Authority is committed to making regulations with us during this Parliament to require the publication of more costs and charges. We have given ourselves the legal duty to do so, but I am sure he will push us all the way to make sure it happens.