As is often the case in these debates, one prepares a long speech, only to be told to hurry up and only speak for a couple of minutes—hon. Members may have heard that from me during our last Bill debate. I will take this opportunity to ask the Minister some questions that I hope will be helpful, and to make a broader general point to the House.
As other hon. Members have said, the underlying change regarding pensions dashboards regulations that this Bill, skilfully introduced by my hon. Friend the Member for Cheadle (Mary Robinson), seeks to make is to improve a commonplace problem for many pensions, which is that we do not know where our pensions are. They are very hard to track, which leads to all sorts of unintended consequences: indeed, the Pensions Policy Institute has estimated that 1.6 million pensions with a total assessed value of £19.4 billion have been lost. I do not know whether that is a number that the Minister recognises, but my hon. Friend is absolutely right to bring the Bill forward as an additional measure of consumer or pensioner protection.
Could the Minister clarify the stage at which penalties will be levied? Is it on advisement that a pension provider has done wrong? Will it be after a warning, or after egregious ignorance of warnings by a provider? I think that clarity would be helpful. Will it be in the public domain that a penalty has been levied, similar to the national living wage regulations? It is an important question, because there is a significant imbalance in knowledge between fund operators and pension holders.
What assessment has taken place of levying fines on those with professional qualifications, and the ability of professional standards bodies to operate assessments? Clearly, integrity is a crucial characteristic when managing people’s pensions. When it comes to levying fines against an individual—I understand that fines can be levied against both an institution and an individual—have we investigated the implications carefully enough? Have the Government liaised with professional standards bodies to ensure that if someone is fined, it does not unduly limit their ability to continue to operate? Who will levy and assess the fine: the regulator or the courts? I believe the Minister will say that it will be the regulator, but perhaps she could confirm that.
That point brings me to a more general one about the House’s oversight of regulators. In this instance it is the Pensions Regulator, but we also have Ofgem, Ofwat and the FCA. We assume that providing powers to a regulator means that everything will work wonderfully well, but frequently it does not. There is a significant gap in the oversight of many of our regulators in the UK. It affects the operations of this Parliament, and it needs addressing urgently. For example, when the Financial Services and Markets Bill was going through this House, I sought amendments to ensure that the FCA met certain performance indicators as a requirement for providing services to participants, because without them our competitiveness is hurt.
Another example is Ofgem’s decisions about who can participate in the energy market or how on earth to handle the price cap through 2020-21. Those are serious questions and serious decisions, but where is the accountability? I am not sure that the current structure, in which we rely on Select Committees, is sufficient. Without getting into the general point, perhaps the Minister might find time to say whether she is happy about the ability of the Work and Pensions Committee to fulfil its duties with respect to oversight of the Pensions Regulator.