Personal pensions set for regulations
The Financial Services Authority (FSA) - an independent non-governmental body that regulates financial service providers in the UK - has published a new set of regulations for personal pensions.
Earlier this year, the group published a consultation document inviting replies from industry leaders, including Friends Provident and Baillie Gifford, some of which are compiled in the document together with a response from the FSA.
The new regulations cover all personal pensions, including self-investment personal pensions (SIPPs), with the rules coming into effect in April 2007.
Dan Waters, director of retail policy at the authority, said: "Broadening the range of personal pension providers should increase competition and lead to innovation, which will benefit consumers.
"Bringing all personal pensions under our regulatory umbrella will ensure that everyone benefits from the same level of protection."
The publication of these guidelines follows an announcement this week by the FSA that the providers and distributors of financial products should better cooperate to give customers a fairer deal.
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