ABI criticises RU64 rule retention

The ABI has criticised the FSA's decision to retain the RU64 rule, announced yesterday. Stephen ...

The ABI has criticised the FSA’s decision to retain the RU64 rule, announced yesterday. Stephen Haddrill, the ABI’s director general, said the FSA’s decision to keep RU64 was inconsistent with the drive towards a principles-based regulatory regime. Haddrill said the ABI will be scrutinising future FSA decisions to test whether they uphold the regulator’s commitment to better regulatory principles or undermine them. The RU64 rule requires an adviser to explain to a customer in writing why the personal pension they are recommending is at least as suitable as a stakeholder product. However...