Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Tom Tugendhat on 2016-01-27.

To ask Mr Chancellor of the Exchequer, what steps his Department has taken to measure the annual cost of commission and other charges levied on individual private pension plans by financial advisers in the last five years.

Harriett Baldwin

Adviser remuneration is regulated by the Financial Conduct Authority (FCA). Through the Retail Distribution Review (RDR), introduced at the end of 2012, the FCA has taken a number of steps to ensure that adviser remuneration on retail investment business is disclosed in advance of any services required. Product providers no longer have any influence over the remuneration received for advising on investments. Where commission remains on investments sold prior to the RDR, this will have been disclosed as required by the rules in force at the time the product was sold.