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U.K. Work and Pensions Committee looking into fee transparency

The U.K.'s Work and Pensions Committee is looking into transparency of fees, investment strategies and performance in the retirement market.

The committee said in a notice on its website Friday that the new inquiry follows a recently completed inquiry into so-called freedom and choice. Since April 2015, U.K. participants have no longer needed to purchase an annuity to provide income in retirement.

The previous inquiry found conflicts of interest related to fee models in defined benefit transfer advice, and led the committee to recommend that the Financial Conduct Authority ban the use of these models.

The new inquiry focuses on whether the retirement industry provides "sufficient transparency around charges, investment strategy and performance to consumers."

The inquiry is open to the industry for comment, and the deadline for written submissions is Sept. 3.