Staff of stakeholder scheme providers will have to be fully qualified to give investment advice if t...
Staff of stakeholder scheme providers will have to be fully qualified to give investment advice if they give presentations to employees.
This is one of the main features of the conduct of business and training and competence regime for stakeholder pensions business which the PIA and Imro finalised last week.
Other main features focus on ensuring consistent and comprehensive point-of-sale information about stakeholder is provided. These underline the fact that decision trees have been introduced to give consumers the opportunity to decide whether a stakeholder would be a good choice for them or whether they need advice.
In particular the rules and guidance stress that as stakeholder scheme providers will help customers through decision trees by giving information which will not be personalised advice, they will not be able to levy a charge for this.
They also state that call-centre staff who are helping a consumer through a decision tree should have a copy of the same decision tree in front of them and access to the main information that a decision tree contains.
The rules and guidance come into effect immediately and continue in force until a stakeholder pension manager moves on to the FSA's conduct of business rules.
The PIA and Imro said their rules are intended to mirror those that the FSA itself is looking to bring out at a later date.
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