FS07/1: Suitability Standards for advice on Personal Pensions - Feedback on CP05/8 In June 2005 the FSA published Consultation Paper 05/8, Suitability Standards for advice on Personal Pensions. In CP05/8 the FSA discussed the removal of the rule known as ‘RU64’. RU64 requires that firms recommending personal pensions have to explain in a suitability letter to consumers why they consider a personal pension to be at least as suitable as a stakeholder pension. The Feedback Statement 07/1 reports on the main issues arising from CP05/8 and confirms that following the consultation the FSA has decided to retain the rule in the FSA Handbook.
Supervision in a Principles Based World
In this speech at the FSA Retail Firms Division Conference, Sarah Wilson (Director Retail Firms Division, FSA) discusses:
- Risk based supervision.
- More principles based supervision.
- What can be expected from the Retail Firms Division in 2007.
Mrs Wilson advises that the Retail Firms Division's immediate priority in 2007 is to stimulate firms to move as fast as possible in implementing Treating Customers Fairly. However, the Retail Firms Division will also continue to focus on governance and capital adequacy and will increase its proactive work on financial crime.