Opra concerned over unregulated advice

Intermediaries can advise companies to select a more expensive pension product than stakeholder without their advice being regulated, creating concern for the pension regulator Opra. A hole in regulatory legislation means that intermediary advice to companies is not regulated by the FSA and, as such, Opra has warned that advisers may be misleading companies in order to sell them more lucrative pensions products and that companies will have no redress. Nick Edmans, communications manager at Opra, said companies are at risk from intermediaries who could advise them to set up a pension sch...