Unpopular pension rule to be retained

Industry observers and the ABI have rounded on the FSA's decision to retain the RU64 rule on pension...

Industry observers and the ABI have rounded on the FSA's decision to retain the RU64 rule on pension advice. This 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 scheme. The FSA said it does not believe there is sufficient reason for removing the rule, after delaying the decision until the position on the national pension savings scheme (NPSS) was clarified. Andrew Tully, marketing technical manager at Standard Life, said the decision shows a lack of understanding of how the pensions mark...