The FSA noted a jump in advised sales of personal pensions in 2010/11 compared with the previous year, and said this could reflect pension switching, a practice it pointed out some firms had failed to carry out appropriately in the past.
According to the latest product sales data (PSD) published by the regulator, advising and arranging intermediaries sold 12% more personal pensions with advice in 2010/11 than in 2009/10. The FSA described the increase as "interesting". PSD related to mortgages, pure protection and retail investments is submitted annually to the FSA by product providers. It includes direct sales by firms' own sales forces and sales made via intermediaries. Individual pension transfers - including non-advised transactions - were also up, as they have been since 2007. The regulator said that, since this ...
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