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FSA calls for urgency on preparation for A-Day

The FSA has issued an urgent reminder to IFAs and providers to start planning for A-Day.

In a keynote speech to advisers, FSA director Sarah Wilson said although many firms are working hard to get ready for A-Day, those which have not started preparations need to do so now.

She said advisers needed to discuss relevant issues with their clients and complete training to help them provide suitable advice. Pensions providers should ensure their systems and controls, including IT and other legacy systems are updated to cope with the changes and are able to provide accurate pension projections and benefit statements.

Wilson revealed the FSA is currently investigating a sample of advisers to check their readiness for A-Day. The investigation will run until the end of the year, after which the FSA will continue assessing readiness as part of standard supervision.

Wilson said the FSA’s statement of good practice has secured the support of both the Office of Fair Trading and the FOS.

She said: “While many consumers will not be affected by the new regulations, the FSA considers that the challenges for pension providers and financial advisers are substantial, and we are treating the risks associated with A-Day as a priority.

“It is clear that much work is going on in many firms but, with just six months to go, both firms and advisers now urgently need to start plann- ing for the changes if they have not already done so.”

But Anand Associates managing director Bhupinder Anand says: “It is impossible for us to be completely ready if the people who make the rules don’t know the rules themselves. We are as ready as we can be given that the Inland Revenue is still unclear on important issues surrounding A-Day.”


Scottish network teams up with IFA alliance

Financial Services Advice & Support is the latest network to join IFA Consortium, the network alliance formed in June by Falcon, Financial Synergies and pi Financial. Dunfermline-based FSAS was established in 2001 and has 50 appointed representative firms in Scotland and across the UK but is the only adviser network with its head office north […]

It all adds up to nothing

Sorry, I know what I am about to comment on happened a couple of weeks ago but I really had to come back to this topic, if only because of the utterly mendacious way in which the Government has chosen to treat the issue.

Material witnesses

If an IFA uses a provider’s marketing material to endorse and promote a product and it is later found to be flawed, who should pay compensation if a client makes a claim for poor advice?

Pension rift between Blair and Standard

Standard Life life and pensions chief executive Trevor Matthews has dismissed Adair Turner’s suggestion of a Swedish pension model, saying the plan would take the UK back 50 years. He says Turner is “mesmerised” by charges when other factors are more important. But Prime Minister Tony Blair made a speech to the Labour conference on […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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