Nicola Sharp | 23 October 2015
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Pensions could become the next mis-selling scandal if stronger support is not offered to consumers taking up the newretirement freedoms, MPs have warned.
The House of Commons work and pensions committee has said the extra freedoms introduced in April to give pension holders more say over their pension pots was “not yet operating entirely as it should”. The committee believes a lack of clarity is “endangering pension savers”.
The risk also exists that pensions advisers and brokers may become unwitting participants in fraudulent selling if they allow themselves to be hoodwinked by those looking to make illegal gains.
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