Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of fintech investment platforms on competition, costs and investment choice in the self-invested personal pension market; and what steps they are taking to support innovation in digital pension products while maintaining appropriate regulatory safeguards.

The Government has not made a formal assessment of the impact of Fintech investment platforms on competition, costs and investment choice in the self-invested personal pensions (SIPPs) market.

The Financial Conduct Authority (FCA) is the regulator responsible for the SIPPs market. The FCA regularly reviews their relevant rules and regulations to ensure they are appropriate for the current market context. This includes supporting growth and innovation while maintaining appropriate regulatory safeguards to protect consumers.

As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start up, scale and list.