Creation Of BSPS2 Created Fertile Territory For Unscrupulous Pension Advisers To Swoop In Like Vultures And Exploit Vulnerable People

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My colleague, Debbie Abrahams, secured an urgent question in the House on stopping the abuse of private sector pensions. I spoke in the debate on how the creation of the British Steel pension scheme mark 2 created fertile ground for unscrupulous pension advisers to prey on vulnerable people. 

Stephen Kinnock: The creation of the British Steel pension scheme mark 2 created fertile territory for unscrupulous pension advisers to swoop in like vultures and exploit vulnerable people. What lessons have been learned from the British Steel experience, and what will the Secretary of State do to ensure that we do not see the whole sorry tale of Carillion leading once again to the privatisation of profit and the socialisation of risk?

Esther McVey: What we have learned from that is that straight away, eight companies were banned from doing what they had done in any kind of pension scam. We are also going to bring together all the advice under a single body so that people are well aware of what they can and should be doing and whether they have done the right checks to ensure that they are dealing with a positive organisation for their pension.