FSA keeps RU 64 rule
26 February 2007
The Financial Services Authority (FSA) has today announced its decision to keep the rule known as RU 64. RU64 requires an adviser to explain to a customer in writing why the personal pension they are recommending is at least as suitable as a stakeholder pension.
The decision came after careful consideration of all the relevant information and further intensive discussion with stakeholders. The FSA does not believe that a sufficient case was made for removing the rule.
Feedback statement FS07/1 is available on the FSA website. The statement reports on the main issues arising from Consultation Paper 05/8: 'Suitability standards for advice on personal pensions' (June 2005).