Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what measures his Department has in place to help ensure unregulated financial advisors cannot provide financial advice on pensions.

The Government is committed to ensuring that consumers can access high-quality, affordable and suitable financial advice, as well as free-to-access financial guidance, when they need it.

HM Treasury works closely with the Financial Conduct Authority (FCA), who are the independent regulator of the financial advice market, to ensure that this market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.

Individuals who provide advice on pensions need to be authorised by the FCA and have the appropriate qualifications, including an additional qualification if the advice involves a transfer from a defined benefit pension.

The FCA can take action through the courts against firms or individuals who carry out regulated activity without authorisation. Consumers may also report any concerns through the FCA’s ScamSmart website (https://www.fca.org.uk/scamsmart).