Clause 1 - Provision for pension flexibility etc

Part of Taxation of Pensions Bill – in a Public Bill Committee at 10:45 am on 18 November 2014.

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Photo of Guy Opperman Guy Opperman Conservative, Hexham 10:45, 18 November 2014

As this is my first time in Committee, I should declare that I am the chairman of the all-party Arch Cru Investment Scheme group and I have constituents who support both the Bill and that association. I also used to be a lawyer doing financial services, although all matters are now resolved, as they say.

In relation to the guidance and the liability for that, anyone who has been involved in the Arch Cru and other scandals that we have dealt with is keen to know where the buck stops. The FCA, as I understand what the Minister is saying, sets out the providers and the guidance itself. Does the FCA then take civil liability for that? Is the individual responsible for their own action, or is it the provider of the guidance?