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Centre for Policy on Ageing | |
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Protecting pensions against scams: priorities for the Financial Guidance and Claims Bill: third report of Session 2017-19
— Report, together with formal minutes relating to the report | | Corporate Author | Work and Pensions Committee, House of Commons - HoC |
| Publisher | 10 December 2017 |
| Pages | 35 pp (HC 404 2017/19) |
| Source | https://publications.parliament.uk/pa/cm201719/cmselect/cmworpen/404/404.pdf |
| Keywords | Financial services [older people] ; Crime ; Consumer protection ; Private pensions ; Government publications. |
| Annotation | Pension savings will be the largest financial asset held by most individuals in their lifetime. However, the threat to pension savings from scams has become more pronounced since the 2015 pension freedoms reforms gave people more flexibility over access to their defined contribution pension pots. In this report, the Work and Pensions Committee calls on the Government to take urgent legislative action through the Financial Guidance and Claims Bill. This Bill has just been introduced to the House of Commons, having completed its passage through the Lords. The Committee is concerned that Clause 4 of the Bill is flawed: there is a lack of urgency in introducing a ban on cold calling. The other focus is on the free and impartial guidance that is available through Pension Wise. Default guidance would promote shopping around, better informed decision-making, and protection against scams. Combined with a ban on cold calling, it would represent a great step forward in consumer protection in the era of pension freedoms. (RH) |
| Accession Number | CPA-171212002 E |
| Classmark | J: TWA: WYP: JK: 6OA |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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