Select Committee on Treasury Written Evidence


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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