The decision by the Financial Services Authority to keep the RU64 rule in place is "quite immaterial" for the majority of IFAs, says Aifa.
Announced yesterday, the decision means advisers will still have to explain to their customer, in writing, why the personal pension product they have recommended is at least as suitable as a stakeholder pension. Yesterday the FSA stated it had decided to keep the rule in place as after careful consideration there was not a sufficient case to justify its removal, adding “our conclusion is future consumers of personal and stakeholder pension schemes will require the extra protection of the RU64 rule". The Association of Independent Financial Advisers (Aifa) says it has been quite surprise...
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