The Financial Services Authority (FSA) is urging UK pension funds to review the impact that A-Day will have on them, so as to avoid financial loss to members of pension funds.
A-Day is the name that has been given to the April 6th 2006, the day the new UK pension regulations will be implemented, which have been designed to simplify the UK pensions system.
Sarah Wilson, director of the FSA, addressed financial advisers and stated that all UK pensions providers should ensure their systems and controls will be able to cope with the change implied by the pension regulations.
She said: "It is clear that much work is going on in many firms but, with just six months to go, both firms and advisers now urgently need to start planning for the changes if they have not already done so."
Ms Wilson also addressed the need for UK pensions advisers to be trained sufficiently to enable them to provide customers with suitable advice regarding the impact of A-day.
Even though most consumers will not be directly affected by the changes, the FSA is treating the A-Day changes in UK pensions regulations as a priority.
UK pension funds urged to prepare for A-Day
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UK pension funds urged to prepare for A-Day
Fri, 23 Sep 2005
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