NEWCOB: Npss delays 'RU64' decision until 2007

In the 350-page consultation paper ‘Reforming Conduct of Business Regulation’ the FSA sets out changes to the conduct of business (COB) regulations, including how it will be affected by the rules relating to the Markets in Financial Instruments Directive (MiFID). It also uses the document to outline changes to the main rules for pension schemes even though it admits pension schemes are not MiFID instruments themselves and the Directive’s provisions are not directly relevant to any of the pensions topics covered such as product disclosure and suitability, also known as RU64. The rule, whi...