FSA delays RU64 decision until later in the year

The FSA has delayed its decision on the future of RU64 until the position on the NPSS is clarified la...

The FSA has delayed its decision on the future of RU64 until the position on the NPSS is clarified later this year. In a consultation paper published last year, the regulator admitted the RU64 requirement may have contributed to a contraction in the personal pension market and suggested removing it from the Conduct of Business Sourcebook.RU64 was initially introduced in 1999 to guide firms in the lead up to the introduction of stakeholder in 2001. Any adviser selling personal pensions is required to write to clients explaining why such offerings are at least as suitable as a stakeholder pla...