Press Release

Success for ABI campaign on personal pension selling advice

The Financial Services Authority (FSA) today issued a consultation paper on abolishing the so-called ‘RU64 rule’ which forces financial advisers, when recommending personal pensions, to explain in writing why that type of pension was at least as suitable as a stakeholder pension. RU64 had the effect of restricting consumer choice and access to pensions because it forced the industry to standardise products and advisers to focus on single premium and group business, at the expense of individual savers with relatively small sums to invest.