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Consumer Advice and Assistance

Part of Oral Answers to Questions — Work and Pensions – in the House of Commons at 12:00 am on 5th February 2018.

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Photo of Jack Dromey Jack Dromey Shadow Minister (Work and Pensions) (Pensions) 12:00 am, 5th February 2018

A Port Talbot shift supervisor was badly advised by a pensions predator preying on him who made him take the wrong choice. “I will never forgive myself”, he said, “because all 20 on my shift followed my lead.” In an otherwise welcome Bill, in the words of Baroness Altmann,

“the Government seems to have bowed to industry pressure and proposes to weaken consumer protection for pension customers. By removing a clause introduced in the House of Lords…more people are at risk of losing their hard-earned savings in scams, frauds and unwise pension withdrawals.”

She is absolutely right. Will the Government think again?