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&#39FSA has tightened up&#39

Insurance industry analysts say the FSA has already done much to ensure situations such as the Equitable Life debacle do not happen again such as introducing principles and practices of financial management and probing the appointed actuary role.

Independent analyst Ned Cazalet says: “What we did have in the old days was a bunch of non-executives turning up for lunch, listening to some actuarial waffle, with no skills to challenge any of it.” He suggests that the outcome for Equitable policyholders is unlikely to be much different if they had invested in another company performing near the bottom of the tables but he says that expectations in the minds of Equitable policyholders were built up.

Commerzbank insurance analyst Roman Cizdyn says: “Penrose has given the FSA a pretty big tick. It seems there is not a huge lot further for the regulator to do.”


CBI welcomes NAO assessment

The CBI has welcomed the National Audit Office&#39s assessment of the number of people affected by the lifetime limit on pension savings, saying it is an important step towards resolving lingering problems.Deputy director-general John Cridland says that, now the figures have been agreed, the industry can focus on getting simplification while ironing out the remaining […]

McGinn says only Abbey can drive wrap market

Abbey director of intermediaries Ambrose McGinn has hit out at suggestions that its wrap platform is struggling, claiming that its rivals do not have the experience and res-ources to make their propositions succeed. Dismissing the firm&#39s competitors as “pretenders”, McGinn says only Abbey has pockets deep enough – and the requisite critical mass – to […]

PYSS teams up with Fee Based Advice

Pointon York SIPP Solutions has been selected by Fee Based Advice to support and promote Sipps to its members. Fee Based Advice is an IFA support organisation that assists IFAs in making the transition from commission to fees. There are currently about 80,000 plans in place but industry experts predict this number is set to […]

Winterthur Life – Elite Distribution Managed Fund

Type: Unit-linked fund Aim: Income and growth by investing in equities and bonds Minimum investment: Subject to minimum for Winterthur&#39s bond and pension products Investment split: 46% UK fixed interest, 26.5% UK equities, 7.9% deposit, 6.9% global fixed interest, 6.5% international equities, 6.2% index linked Charges: Annual 0.75% Commission: Subject to negotiation Tel: 0845 129 […]

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]


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