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FSA boss backs cut-price stakeholder advice

FSA chairman Howard Davies has thrown his weight behind the concept of cut-price advice for stakeholder pensions.


Davies was sharing a platform with e-commerce minister Patricia Hewitt, Money Marketing technology correspondent Ian McKenna and Advizas director of operations Peter Catt on the fringes of the Labour party conference in Bournemouth.


The debate, entitled ebusiness@labourconference, sponsored by Swiss Life, was broadcast live over web-cast, the first of its kind from a party political conference and took questions over the internet from IFAs and others around the country.


Davies said: &#34If the Government can simplify stakeholder then it is undoubtedly possible to simplify the advice requirement. If the product is simple it is perfectly posible to devise a cut down advice process. We are working on a decision tree with the DSS to allow people to answer a very simple series of questions to ensure stakeholder is roughly appropriate.&#34


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