Removing the RU64 rule and introducing a National Pension Savings Scheme (NPSS) type model into the pensions market could lead to "mis-selling on a significant scale" , according to the Financial Services Consumer Panel.
The Financial Services Authority (FSA) has announced the appointment of Adam Phillips as the vice chairman of the Financial Services Consumer Panel from 1 November.
The Financial Services Consumer Panel has laid down a challenge to the financial industry to change its entire culture and live up to its "treating customers fairly" requirements.
Government proposals to sell stakeholder products are likely to be "detrimental" to "inexperienced" consumers unless changes are made to improve the basic advice sales regime, according to the Financial Services Consumer Panel.