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LIA anger at being left out of decision trees guide

The LIA is up in arms over being left out of the “Where to get further

help” box on stakeholder decision trees.

The box gives consumers details of where they can get further help or

advice if they get stuck in the decision tree maze. The box includes

numbers for the Opra-run Pensions Advisory Service hotline.

It also provides details of rival trade organisations Aifa, IFAP, Sofa and

Solicitors for Independent Financial Advice.

The LIA has pointed out the omission to the FSA in its latest response to

the discussion paper on stakeholder entitled, The FSA&#39s Approach to the

Regulation of the Conduct of Stakeholder Pensions Business.

In its response, the LIA also objects to a paragraph in the proposals

which states stakeholder is always preferable to a higher priced personal

pension.

The association says it is not possible to state this unless an

individual&#39s circumstances are known.

The LIA is also calling for a clear distinction to be made between giving

information and advice. It recommends that the dist- inction should be made

clear to consumers and reiterated in writing. The association wants advice

to be paid for.

It says information-givers such as librarians and trades union officials

should be supervised by an authorised financial adviser or else there will

be widespread misbuying.

Public affairs director John Ellis says: “When we pointed out the omission

from the decision trees to the FSA, they said they were sorry.”

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