Fourteenth Report - Investigation into the British Steel Pension Scheme

Select Committee
Public Accounts Committee HC 251 21 July 2022
Report Status Government responded
Conclusions & Recommendations 23 items (5 recs)
Source View on Parliament website
Government Response (AI assessment · 23 of 23 classified)
Accepted 1
Accepted in Part 1
Acknowledged 15
Deferred 1
Not Addressed 2
Rejected 3
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19 Conclusion Not Addressed
There is a fundamental misalignment between legislation and regulation of the DB pensions advice market, which has caused confusion over the suitability of transfer advice.60 The 2015 Pensions Schemes Act introduced by HM Treasury was intended to provide greater freedom and flexibility for consumers to manage their pensions, allowing DB …
Government Response Summary
Seven years after the Pensions Schemes Act, regulated bodies are still not clear on the Financial Conduct Authority’s expectations for consumer protection.
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23 Conclusion Not Addressed
Redress arrangements also impact on the wider pension’s advice market. Firms should have PII cover to afford the cost of compensation, and whilst firms had cover when they provided advice, many are unable to access insurance for subsequent years.72 This leads to firms being unable to pay compensation and forced …
Government Response Summary
The Government restates the committee's conclusion regarding PII cover and the FSCS levy.
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