MINISTERS HAVE MADE A last-minute plea to the Financial Services Authority not to go ahead with plans to relax rules on selling personal pensions, laccording to leaked government documents shown to the Guardian.
The paper suggests the approach has been prompted by anxiety the government's plans for a rapid expansion of national private pensions to 6.7 million employees will lead to a fresh bout of pension mis-selling. The pension white paper is due on Thursday and is expected to outline a new national pension saving scheme from 2012. The FSA, the financial markets' watchdog, was expected to relax the rules on selling at its board meeting this week, after a year-long consultation. It plans to lift the rule known as RU64 which requires pension sellers to inform customers of alternative pensions wi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
