Abolishing RU64 rule is a huge mistake - Which?

Responses to the Financial Services Authority (FSA) consultation on RU64 are due in by this Friday but there seems to be a degree of polarisation between pension providers who on the whole seem supportive of the plan, and Which? formerly known as the Consumer Association, which believes the abolition of the rule would be detrimental to consumers. Mick McAteer, principal policy adviser at Which, says: “We believe the RU64 rule has made competition work in the industry along with stamping out mis-selling and promoting stakeholder pensions. For the FSA to remove it when the market is not wor...