Examination of Witnesses

Part of Pension Schemes Bill – in a Public Bill Committee at 9:30 am on 21st October 2014.

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Christopher Woolard: In general, we do not pre-approve products, as you said. We have a range of product intervention powers that allow us to take quite early action when we believe something is going wrong. That could mean moving to an immediate ban of the marketing or the complete sale of a particular product. We can do that on a permanent basis, and now, under the latest legislation, we have the ability to take a temporary banning power, which we can impose for up to a year while we work out whether something really has gone wrong and what the proportionate course of action would be.