Pensions: Scotland

HM Treasury written question – answered on 8th September 2015.

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Photo of Ian Murray Ian Murray Shadow Secretary of State for Scotland

To ask Mr Chancellor of the Exchequer, what assessment he has made of the likely trends in the mis-selling of pension products in Scotland arising from the introduction of new pension flexibilities on 6 April 2015.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

Monitoring the market for misselling is the responsibility of the regulators, the Financial Conduct Authority (FCA) and the Pensions Regulator. The FCA, in line with its remit to protect consumers and ensure markets function in consumers’ interests, has specifically committed to monitoring developments in the retirement income market closely and to take action where consumers are coming to harm or where the market is not operating competitively.

Alongside this the Treasury has launched a consultation looking at options to address excessive charges for early exit penalties, and making the process for transferring pensions from one scheme to another quicker and smoother.

The Government remains in close contact with the regulators, and other organisations such as industry trade bodies, on these issues.

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