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PI insurer warns IFAs not to contact phase 2 clients

Indemnity insurer PYV has warned IFAs that they must not take any pre-emptive action to contact clients concerning phase 2 of the pensions misselling review.


The insurer says that it is still considering its position regarding the Financial Services Authority proposals.


PYV claims director Robert Bass says: &#34We shall be sending out further guidance to clients on these issues as soon as we have more news.&#34


The insurers adds that it must be notified immediately in a separate letter as with any other claim if an IFA fails a loss assessment or compliance test under the pensions review or where an investor has complained about an IFA&#39s performance.

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

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