19 Deferred

We heard that concerns about stepping over the boundary from guidance into advice continue to...

Recommendation
We heard that concerns about stepping over the boundary from guidance into advice continue to constrain the support that pension schemes and employers can provide to savers. The regulators are working with pension schemes and providers to better understand these concerns and to gather practical examples of where this is causing a problem. We recommend DWP and the FCA report to us on progress in clarifying the boundary between advice and guidance by March 2023.
Government Response Summary
The government redirects the recommendation to the FCA, stating they lead on the provision of financial advice and have provided a separate response.
Paragraph Reference
126
Government Response
Deferred
HM Government Deferred
We work closely across government with the Financial Conduct Authority (FCA) and HM Treasury who lead on the provision of financial advice. The FCA have provided a separate response to the Committee which addresses this recommendation.
Source
Committee Work and Pensions Committee
Inquiry Protecting pension savers – five years on from the pension freedoms: Saving for later life
Report Third Report - Protecting pension savers – five years on from the pension freedoms: Saving for later life 30 Sep 2022 HC 126
View on Parliament website
Addressee Bodies
Department for Work and Pensions
Timeline
Recommendation age 3.7 yrs
Report published 30 Sep 2022