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FSA postpones decision on RU64

The FSA board has decided today to delay its decision on the future of the RU64 rule.

In light of the uncertainty of the implementation of NPSS, the regulator has decided that it would be sensible to put on hold making a decision on RU64 until the position is clearer.

The Governments white paper on pension reform and NPSS states that transitional arrangements for the new pension scheme will be announced later this year.

Leaked documents this week indicated there was pressure from civil servants on the secretary of state for work and pensions John Hutton to intervene on FSA talks on the rule.

Civil servants have been warning ministers that the removal of RU64 will strip away an element of consumer protection ahead of the proposed introduction of NPSS. This was despite indications there has been widespread support within the FSA to abolish the rule.


Product matters: Star turns

New Star has yet again proved itself to be ahead of its peers by launching an innovative product. The Tri-star unit trust offers a single fund structure approach, as opposed to a fund of funds, giving exposure to UK equities, bonds and commercial property. Aiming to achieve a combination of income and capital growth, this […]

Parents’ oversight could deny children of windfalls

Standard Life says thousands of children may miss out on windfall payments as their parents or grandparents have forgotten to validate their votes ahead of demutualisation. The windfalls relate to stakeholder pensions that have been taken out on behalf of children or grandchildren. Standard says 6,400 children are in line to receive entitlements in what […]

Credit Agricole looking at takeover bid for A&L

French bank Credit Agricole has confirmed it is considering a takeover bid for Alliance & Leicester. The move has been welcomed by brokers, who believe A&L needs investment so it can challenge HBOS at the top of the mortgage market. CA says it is at the early stages of evaluating a possible takeover. Abbey owner […]

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]


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