RU64 u-turn keeps advisers in firing line

The pensions product provider said by keeping RU64 legislation in place, advisers will be in the firing line if claims of mis-selling arise, despite the FSA focusing its attention on providers in a number of recent communications. The change in the FSA’s stance comes following widespread speculation that RU64, which stipulates that advisers have to justify their decisions regarding their clients’ pensions when they invest in anything other than a stakeholder, was to be scrapped prior to the Budget. The FSA had hinted as far back as 18 months ago it was considering removing RU64. In Ja...