Industry experts argue the proposed removal of RU64 will not lead to a mis-selling crisis and, instead, suggest it will cause very little impact on the way advisers sell pensions.
The comments come after a draft civil servant letter to be sent to John Tiner, managing director of the Financial Services Authority (FSA), claimed the removal of RU64 would lead to a dilution of consumer protection, while a letter to work and pensions secretary John Hutton suggested the FSA could be persuaded to delay a decision on removal of the rule. But Fay Goddard, deputy director general of the Association of Independent Financial Advisers (Aifa), argues: “Whether the rule is retained or removed for whole of market or independent advisers, there will be virtually no impact.” She...
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