Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment she has made of the level of coordination between the Pensions Regulator and the Financial Conduct Authority in relation to defined benefit pension transfer advice.

The DWP are urging the two organisations to work much more closely together. The Pension’s Regulator and the Financial Conduct Authority carry out their functions independently. The Pension’s Regulator launched a joint protocol with Financial Conduct Authority in January 2019. The Protocol is intended to improve coordination between the Financial Conduct Authority, The Pension’s Regulator and the Pensions Advisory Service to help pension scheme trustees to ensure their members are adequately and fully informed when considering transferring their defined benefit pensions.