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&#39FSA created a smokescreen over endowments&#39

The Government has been accused of washing its hands of the endowment crisis, aided by an FSA smokescreen over the cost of an investigation.

LibDem MPs called for the FSA to investigate endowment misselling to find out the extent of the problem.

Former economist and DTI spokesman Vincent Cable and Treasury select committee member Edward Davey have been monitoring the endowment issue and believe a review must be conducted.

Davey says the Treasury select committee will hold its own inquiry into endowments if evidence emerges of significant misselling.

Cable says he has become increasingly frustrated with the Government&#39s timetable for mortgage regulation. He wants full regulation implemented immediately, including mortgage advice.

Cable said: “I think the sad truth of the matter is the Government has washed its hands of the problem. The FSA has created a bit of a smokescreen, saying it will take millions to investigate it. I find it difficult to believe it would not be possible to have a relatively brief look to expose the extent of the problem. Certainly, it is the FSA&#39s responsibility.”

Davey says: “The Treasury needs to be on top of this issue to see whether there is something that needs to be done.”


Norwich and Peterborough – Quantum Account

Wednesday, 27th September 2000.Type: Guaranteed interest account.Minimum-maximum investment: £5,000 – £25,000, maximum £50,000 for a joint account.Interest rates: Annual interest – 5 per cent gross to September 30 2001, 5.5 per cent gross to September 30 2002, 6 per cent gross to September 30 2003, 6.5 per cent gross to September 30 2004, 8 per […]


Two weeks ago I urged all you IFA chappies to rise up and help smite Axa, which is trying to take over more than £1bn belonging to Sun Life and Equity & Law policyholders.Since then, a fair bit of smiting has been going on. Several of you have written to clients with Sun Life and […]

Fidelity Investments – Industrials Fund

Friday, 29th September 2000.Type: SICAV.Aim: Growth by investing in global industrial companies.Minimum investment: Lump sum £1,000, monthly £50.Place of registration: Luxemburg.Investment split: North America 38.7 per cent, Europe 23.6 per cent, UK 11.4 per cent, Japan 18.6 per cent, Pacific 5.3 per cent, Latin America 1.2 per cent, other 1.2 per cent.Yield: Nil.Isa link: Yes.Charges: […]


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