Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the extent of independent advice from the (a) private, (b) public and (c) voluntary sector on the pensions reforms that will come into effect from April 2015.

The government is committed to consumers being able to access financial advice when they need it – particularly in light of the pension reforms. That is why the government is delivering Pension Wise, a free and impartial guidance service for consumers on what they can do with their pension pot. Pension Wise will be a critical first step for consumers at the point of retirement, and signpost people to regulated financial advice where appropriate.

These reforms provide private advisers with an opportunity to meet a new set of consumer needs.

The government also welcomes steps taken by the Financial Conduct Authority (FCA) to encourage the development of affordable models of advice, such as ‘simplified advice’.