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‘FSA not aiding advisers on WP’

O&M Systems says the FSA is not providing enough specific guidance on with-profits pol-icies for IFAs and appears to be rejecting industry offers of assistance.

O&M also disputes recent anecdotal evidence from the FSA that advisers have been deterred from offering reviews of with-profits policies due to a lack of understanding of the product and a fear of being accused of churning.

Sales and marketing director Graham Miller says he wrote to the FSA in January 2005 offering to discuss the issues facing IFAs and providing advice on with-profits and has not had a response from the regulator.

The pension software supplier says 1,000 additional adviser firms in the last 11 months have signed up to its with-profits review package.

Just over 3,000 predomin-antly adviser firms have signed up for O&M’s with-profits pensions profiler software and there are around 5,000 advisers registered to use the package.

Miller says: “No matter how much we automate processes for advisers, some will be wary of advising without guidance from the FSA. Our offer to work with the FSA stands.”

FSA spokesman Robin Gordon Walker says: “We appreciate all kinds of responses on policy and attempt to respond when appropriate.”

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