§ Mr. CousinsTo ask the Chancellor of the Exchequer (1) what representations he has had about the quality of financial advice surrounding the transfer from occupational pension schemes to private personal pension plans; and what steps he is taking to(a) ensure the provision of best advice and (b) compensate or recompense those suffering the consequences of poor advice;
(2) what is the number of insurance companies and others fined or disciplined each year under the Financial Services Act 1986 for the placing of investments in such a way as to compromise the giving of independent financial advice;
(3) to what extent, and through which agencies, the duty of best advice exists in the insurance and related industries; and what steps he is taking to report to Parliament on the quality of this best advice.
§ Mr. NelsonThese are matters for the Securities and Investments Board.