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DBS holds back on stakeholder guide

Network DBS is refusing to construct pre-stakeholder best-buy guides for its members because it claims it does not have enough details about stakeholder.

DBS&#39s strategy is in sharp contrast to rival Misys which recently set up a pre-stakeholder panel of six so it can hit the ground running when stakeholder is introduced.

DBS says the only certainties at present are RU64 and how stakeholder fits in with GPPs.

The industry is consulting on the draft rules and guidance for the conduct of stakeholder pension business, announced last week.

DBS says it will start advocating particular products “when we know more”. It says it does not operate such panels per se, saying they fly in the face of its stance on polarisation, but it puts together product guides for members.

RU64 is the regulatory update widely interpreted as meaning consumers should not suffer any material disadvantage if they transfer their pension into stakeholder. GPPS can make an employer exempt from stakeholder.

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