Clause 44 - Commencement

Part of Pension Schemes Bill – in a Public Bill Committee at 11:00 am on 4th November 2014.

Alert me about debates like this

Photo of Gregg McClymont Gregg McClymont Shadow Minister (Work and Pensions) 11:00 am, 4th November 2014

The hon. Member for Gloucester makes an important point. The obligation to treat the customer fairly has not worked effectively enough. The Minister does not need to take my word for it; he need only look at the Office of Fair Trading study of contract-based pensions and the current investigation into legacy pension schemes. There is strong evidence indeed that the obligation to treat the customer fairly is not strong enough in the context of a pensions market in which the saver is not able to exert sufficient pressure on providers to deliver value for money.