FCA and Treasury to face MPs over advice review

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Treasury minister Harriet Baldwin is among the senior policymakers expected to attend two oral evidence sessions of the Work and Pensions select committee next month.

Baldwin is set to give evidence on 16 September as part of the committee’s probe into the availability and affordability of financial advice in the aftermath of the introduction of pension freedoms in April.

She will be joined in the session by FCA director of strategy and competition Chris Woolard and director of policy David Geale.

Committee chairman Frank Field is expected to use the opportunity to follow up on his letter to pensions minister Ros Altmann, in which he demanded more data on Government targets for the performance of Pension Wise.

Altmann is not currently expected to attend.

The session will come a week after the committee takes oral evidence from advice groups as well as consumer and industry representatives.

The Pensions Advisory Service, Citizens Advice and the Association of British Insurers are among the groups hoping to attend a session on 7 September, although a final list of witnesses has yet to be confirmed.

One group definitely attending, however, will be the Financial Services Consumer Panel, represented by former Which? Money helpline head Teresa Fritz.

The committee is currently taking written evidence ahead of the sessions, with submissions closing on 28 August.

Collectively with the two oral sessions, the evidence submitted will form the basis of a final report from the committee expected by the end of October.