The FSA may extend its rules on pension selling and advice to cover all workplace pension schemes including group personal pensions (GPPs).
It will consider extending its remit to include GPPs to protect people who will be automatically enrolled into workplace pension schemes after 2012, it says in a consultation paper launched today. Currently, FSA rules include some aimed at mitigating the risk of poor advice being given over workplace pension opt-outs, but these do not apply to GPPs. FSA rules around additional contributions, which say advisers must consider arrangements within an existing workplace scheme before recommending alternatives, may also be extended to cover GPPs to protect new savers against churning. Am...
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