Supplementary memorandum by the Financial
Services Authority (FSA)
FOLLOW-UP TO EVIDENCE SESSION ON 16 MAY 2006[119]
When we gave evidence to the Treasury Committee
on Financial Inclusion on 16 May we said that we would update
you on the FSA Board's decision on the future of RU64. The Board
has decided to delay its decision in the light of the uncertainty
over transitional arrangements for the proposed new national pension
scheme. We have published the following statement on our website
today.
"The FSA Board decided today to delay its
decision on the future of the RU64 rule, on which the FSA consulted
last year. This follows publication of the Government's White
Paper on pension reform, which states that transitional arrangements
for the new pension scheme will be announced later this year.
In light of this uncertainty the Board felt it
would be sensible to delay the decision on the future of the RU64
rule until the position is clearer. The Board will then consider
what, if any, regulatory interventions will be necessary during
the transition period."
When the Board does consider this issue we will
inform you of its decision.
May 2006
119 Ev 109-126 Back
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