FSA admits RU64 has to go

Industry officials have been campaigning for some months for the removal of Personal Investment Authority's RU64, which was then replaced by the FSA's COB5.3.16 on pensions advice, as it essentially required financial intermediaries explain why stakeholder pensions was not a better product than the pension package being recommended. IFAs, providers and industry bodies argue the RU64 rule requiring advisers to explain why this product was as good as stakeholder was restricting the distribution of pensions to the mid to lower-earner market as stakeholder has a capped charging structure wh...