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Smee tells MPs to see IFAs over FSAVCs

Aifa director general Paul Smee is planning to write to MPs, advocating the benefits of IFAs and urging them to seek advice over their Equitable Life FSAVC policies.

Smee plans to contact MPs following comments by the head of the Parliamentary pensions unit trustees and former Conservative Cabinet minister John MacGregor stressing the importance of independent advice.

Up to a third of MPs make additional pension contributions to Equitable.

Outgoing Sofa chairman Peter Williams and LIA spokesman John Ellis also say MPs should seek advice. Williams says they should not panic until they receive proper advice.

Smee says: “We are looking at how we can help them, given they have already been told by MacGregor to talk to an IFA. We will do what can to help out MPs and anyone else who is unsure of their financial standing in light of what has happened at the Equitable.”

Ellis says: “There are several issues attached and the best way is to seek out independent advice.”

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