Today the Commons debated the Financial Guidance and Claims Bill (Lords). In the debate I spoke about the lessons we need to learn from the transfer of the British Steel pension scheme into a new scheme, and the need for an early warning system so the regulator can be more proactive when unscrupulous individuals take advantage of vulnerable people.
Stephen Kinnock: The transfer of the British Steel pension scheme into a new scheme was announced in early 2017 and was very public. When it all blew up and became fertile territory for unscrupulous pensions advisers, the FCA seemed surprised it was happening. Why did it not see it coming? What steps should the Bill take to improve the early-warning system so that regulators can see these things coming down the track and be far more proactive in getting out there? After all, prevention is better than cure.
Debbie Abrahams: My hon. Friend makes a very valuable point that I will come to later. This is what we are seeing: we saw it with the BSPS and are now seeing it with Carillion and the pension savers there.