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‘Misselling threat if A-Day is not delayed’

Advisers will be at risk of future misselling complaints unless A-Day is delayed, warns Alpha to Omega chief executive Stewart Wooles.

He is concerned that IFAs are being forced to prepare for A-Day while the final details of the pension simplification rules have still not been released by the Treasury.

Wooles says that following Treasury Economic Secretary Ivan Lewis’s call for evidence of tangible grievances with the FSA, IFAs need to take this opportunity to lobby for an indemnity on advice given now on areas where the rules have yet to be finalised.

He says the FSA needs to stand up to the Treasury and help the industry prepare for A-Day or the deadline must be delayed.

Wooles says: “We want to plug the savings gap but our hands are tied and it is IFAs that will get kicked. We keep hearing about misselling scandals but the regulator and the Treasury are not learning from past mistakes. It is a case of delivering now or delaying while they get their act together.”

Fallon Financial Solutions managing director Mike Fallon says: “It is IFAs who will end up carrying the can so the Government and the regulator do not need to worry. We are doing our best to understand the rules but nothing is being made clear.”

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