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Pensions: Misrepresentation

Question for HM Treasury

UIN 66609, tabled on 6 March 2017

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.

Answered on

14 March 2017

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.

Answered by

Treasury