Dennis Hall's open letter to the FCA: Time to retire RU64

If the Financial Conduct Authority (FCA) were really serious about tackling unnecessary regulation, it might want to start with RU64. RU64, the legacy rule that requires all personal pension recommendations to be benchmarked against a stakeholder pension, was introduced over two decades ago with the best of intentions. It now stands as an increasingly outdated, duplicative, and burdensome regulation in a pensions market that has moved on dramatically. Originally embedded to protect consumers from poor-value pension products, RU64 is now codified in COBS 19.2. Yet it no longer serves i...