Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral question from the hon. Member for Blaenau Gwent of 19 March 2024, Official Report, column 794, when he expects the Financial Conduct Authority will complete its investigation into Safe Hands Ltd.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Treasury and FCA have worked closely throughout the process of bringing the pre-paid funeral plan sector into regulation, as well as during the implementation of the new regulatory framework.
On 11 October 2023 the Serious Fraud Office (SFO) announced that it was conducting a criminal investigation into Safe Hands Plans Limited. As I am sure you will understand, I am unable to comment on this ongoing investigation.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral contribution in response to the question from the hon. Member for Blaenau Gwent of 19 March 2024, Official Report, column 794, if he will commit to an Independent Review of the funeral firm Safe Hands Ltd.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Treasury and FCA have worked closely throughout the process of bringing the pre-paid funeral plan sector into regulation, as well as during the implementation of the new regulatory framework.
On 11 October 2023 the Serious Fraud Office (SFO) announced that it was conducting a criminal investigation into Safe Hands Plans Limited. As I am sure you will understand, I am unable to comment on this ongoing investigation.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, when users of the new Pensions Dashboard will be able to access financial information relating to their pensions.
Answered by Paul Maynard - Parliamentary Under-Secretary (Department for Work and Pensions)
Users of pensions dashboard services will be able to access financial information relating to their pensions at the Dashboards Available Point. The Dashboards Available Point is the point at which pensions dashboard services will be available for widespread use by the general public.
A specific date for the Dashboards Available Point cannot yet be determined as the Secretary of State for Work and Pensions must first have regard to a number of relevant matters, including sufficient level of coverage, assurance of the safety, security and reliability of the service and testing of the user experience. Once satisfied that the dashboards ecosystem is ready to support widespread use, following consultation with the Money and Pensions Service, The Pensions Regulator and the Financial Conduct Authority, the Secretary of State will then issue a notice at least six months in advance of the launch of pensions dashboard services for use by the general public.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, if he will make an estimate of the number of users that will have accessed Pensions Dashboards by (a) 30 April 2025 and (b) 31 October 2026.
Answered by Paul Maynard - Parliamentary Under-Secretary (Department for Work and Pensions)
Pensions dashboard services will become available for widespread use by the general public at the Dashboards Available Point. A specific date for the Dashboards Available Point cannot yet be determined as the Secretary of State for Work and Pensions must first have regard to a number of relevant matters, including sufficient level of coverage, assurance of the safety, security and reliability of the service and testing of the user experience. Once satisfied that the dashboards ecosystem is ready to support widespread use, following consultation with the Money and Pensions Service, The Pensions Regulator and the Financial Conduct Authority, the Secretary of State will then issue a notice at least six months in advance of the launch of pensions dashboard services for use by the general public.
Under the central scenario (best estimate) in the impact assessment for the Pensions Dashboards (Amendment) Regulations 2023 (which can be found at: https://www.legislation.gov.uk/ukia/2023/89/pdfs/ukia_20230089_en.pdf), we estimate the number of users of pensions dashboard services will increase to around 16 million in the years following the Dashboards Available Point.