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Amps in apology after Asp attack

The Association of Member-Directed Pension Schemes has apologised to the FSA for attacking its “new requirement” for IFAs to carry out research into a client’s religious background when advising on alternatively secured pensions.

In a speech last week, Amps chairman John Bradley said he feared it was a back-door attempt by Government to enforce a policy which breaks the law and which the Treasury has tacitly admitted to Amps is discriminatory.

Amps has now apologised to the FSA and said it understands there is no new requirement to vet client suitability.

Bradley says: “We now understand from the FSA that its policy is not as set out in our earlier press release but we do believe advisers are still very unclear and would welcome a clear and simple statement of the FSA’s requirements from IFAs.”

Last month, the FSA told Money Marketing that Government restrictions on Asps are nothing to do with its rules but later warned customers wanting an Asp to take Government restrictions into account.

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