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£1.4m limit effect to be tested by NAO – Brown

The Treasury&#39s claim that the Inland Revenue&#39s controversial £1.4m lifetime limit proposal only affects 5,000 individuals is to be tested by the National Audit Office, and the plan could be dropped altogether Chancellor Gordon Brown has told the House of Commons.

In his pre-budget report Brown today said the consultation on the Revenue&#39s proposals had revealed a wide range of views on the numbers effected by the lifetime limit and hinted the proposal could be dropped. He said the date set for implementation would remain April 2005 if the lifetime limit is kept.

Brown said: “We are asking the National Audit Office for the numbers affected by the planned lifetime limit. If after that consultation the decision is to proceed the new regime will take effect from April 2005 – otherwise the current regime stays in place.”


Treasury delays stakeholder cap decision

The Treasury has delayed its decision on the proposed price cap for stakeholder products after FSA research has revealed that more work was needed on proposals for a simplified sales regime. The Government says it will not make a decision on the cap until next year to ensure that the sales regime and product design […]

Back office to the future

2003, despite the brave faces, has been an exceedingly difficult year. At the bottom of the whole problem is the fact that the traditional products supplied by life companies have become commoditised and loved even less than their historic approval factor. Endowment mortgages, one of the staples of the industry, are no longer saleable. With-profits […]

Lincoln launches structured product

Lincoln Financial Group is launching a new IFA product. The Staged Investment Plan will be linked to 11 trusts managed by fund managers: Goldman Sachs Asset Management and Delaware International Advisers.

Miles blames brokers for the loan churnover

Professor David Miles has hit out at mortgage brokers, saying they contribute to churning because it is to their advantage to sell shorter-term mortgage products. He also attacked lenders, threatening them with an investigation from the Office of Fair Trading and the FSA over his belief some lenders subsidise cheap rates by keeping borrowers on […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


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