Pensions: Misrepresentation

HM Treasury written question – answered on 14th March 2017.

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Photo of Alex Cunningham Alex Cunningham Shadow Minister (Work and Pensions) (Pensions)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of pension freedom reforms on the (a) current and (b) future number of complaints to the Financial Ombudsman Service about retirement product mis-selling.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

The Government has made no recent assessment of the current and future number of complaints to the Financial Ombudsman Service about retirement product mis-selling.

In July 2016 the Financial Conduct Authority launched the Retirement Outcomes Review to look at how firms and consumers have responded to the new freedoms. This will include looking at how firms engage with their customers following the pension freedom reform, and what impact this has on consumer decision-making.

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