Clause 44 - Commencement

Part of Pension Schemes Bill – in a Public Bill Committee at 11:15 am on 4th November 2014.

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Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions 11:15 am, 4th November 2014

To be clear, if we thought everything was fine in the world of retirement income choices the FCA would not be doing a thematic review of annuity sales practices or a retirement income market study. We entirely accept that there are problems. The regulatory regime a decade or two ago, when the legacy schemes that the hon. Gentleman referred to were set up, was very different from the one we have now.