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Dismay over U-turn on RU64

The Association of British Insurers has accused the FSA of performing a U-turn on RU64 after it postponed a decision on whether to scrap the rule.

The FSA’s move, prompted by uncertainty in the run-up to the implementation of the national personal accounts scheme, has come as a blow to the industry after the FSA strongly indicated that it would abolish RU64.

Leaked documents have indicated growing pressure from ministers for the FSA to retain a version of the rule.

ABI director of life and pensions Chris Kenny says: “RU64 is bad for consumers because it has strangled the pension market and added to the savings gap.

“The FSA recognised this problem last year but now refuses to act. This latest delay is very disappointing and runs contrary to the FSA’s own much-stated commitment to better regulation.”

Consumer body Which? is hailing the decision as a victory for consumer protection. Principal policy adviser Mick McAteer is concerned that removing the rule would leave consumers open to misselling, particularly before the NPAS comes into play.

Standard Life head of pensions policy John Lawson argues that as long as RU64 exists, thousands of people will be discouraged from saving before the NPAS starts in six years time.


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Dawnay Day Quantum

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