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Altmann calls for FSA to be probed on pension leaflet

The FSA should be investigated by the Parliamentary Ombudsman for giving misleading information on the security of occupational pensions, says independent consultant Ros Altmann.

Altmann says the FSA should be held responsible for leaflets aimed at consumers that described final-salary schemes as “guaranteed”. She is campaigning for the Government to compensate employees of solvent employers who accepted reduced pensions to stop their employers going into liquidation.

The FSA has subsequently changed the wording on its leaflets from “guarantee” to “promise” but denies that the information was incorrect.

Altmann says: “If a financial services company behaved in this way, they would be required to compensate in full for any losses and the Government must do the same.”

FSA spokeswoman Jackie Blyth says: “Our factsheets are no replacement for the information that you get from trustees, pension providers or IFAs.”

Informed Choice managing director Nick Bamford says: “The FSA should be forced to write to every person they sent that leaflet to inviting them to claim compensation from them – that is what an IFA would have to do.”


Help the Aged seals equity-release deal with NHFA

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Discount brokers are target in new Money Portal spree

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Out of context

•”The ABI&#39s main driving force is to stay off Watchdog.&#39″ – ABI life and pensions media relations Emma Quantrill. •”I had to say to the commission that I was really quite irritated which in European terms means I was quite mad.” – Netherlands Authority for the Financial Markets chairman Arthur Docters van Leeuwen. •”Greece&#39s civil […]

Kafka quits Fidelity for Stock Exchange

Fidelity&#39s executive director Paul Kafka is joining the London Stock Exchange as director of corporate communications and public policy in August. He is being replaced by Joerg Moberg, who joined Fidelity in 1999 as director of corporate communications in Frankfurt before becoming director of IFA sales in Germany in 2001.

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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