Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will hold discussions with the Financial Conduct Authority on addressing the challenges faced by people who are not yet retired who hold personal pensions which commenced between 1970 and 2000, and who are no longer contributing, but are being charged annual fees which reduce the amount in their pensions.

As a conduct of business regulator, the Financial Conduct Authority’s role is to promote effective competition in the interests of consumers, secure an appropriate degree of protection for consumers, and to protect and enhance the integrity of the UK financial system. The Government works closely with the FCA. It is, however, important that the FCA, as an independent regulatory authority, has the ability to develop rules without undue fear of direct intervention by Government.