As expected, the Queen’s Speech, delivered on 10 May 2022, did not contain any announcements directly related to pensions. However, it did propose a number of Bills that could have an important impact on the pensions industry:
Data Reform Bill
The Data Reform Bill will aim to simplify the UK’s data protection regime and clarify how personal data can be used.
It also intends to modernise the Information Commissioner’s Office (ICO), ensuring it has the capabilities and powers to take stronger action against organisations that breach data protection laws, while requiring it to be more accountable to Parliament and the public.
Online Safety Bill
Introduced in the last parliamentary session, this will include measures to require large social media platforms and search engines to prevent the hosting or publication of fraudulent paid-for advertising in an attempt to reduce online fraud and scams such as pension and investment scams.
The Bill will introduce a duty of care on online companies, making them responsible for protecting users and tackling illegal content.
Financial Services and Markets Bill
This will further reform the regulation of the UK’s financial services sector and will include additional protections for those investing or using financial products. The intention is to make investing safer for the public and support the victims of scams.
The Government hopes to achieve this through revoking retained EU law on financial services and replacing it with an approach to regulation that is designed for the UK, and by cutting red tape in the financial sector while making sure that high standards are maintained.