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&#39Treasury&#39s Euro lapse left us with general regulation&#39

The FSA&#39s hands are tied over the introduction of statutory regulation of general insurance because the Treasury failed to enter into negotiations with the European Union over the Insurance Mediation Directive early enough, said FSA chairman Howard Davies last week.

Speaking at the first annual ABI conference last week in London, Davies said the cost-benefit analysis that the FSA is required to carry out is likely to show that the benefits of introducing regulation will not outweigh the costs of regulation borne by the industry.

Davies said the EU is not required to carry out a CBA before acting while the FSA is required to do so.

He said: “We will do our best to produce a CBA but we are required to bring in regulation. Our Government was not enthusiastic about the EU directive in its early stages. The regime from the EU was largely introduced without a CBA, which restricts what the FSA can do.”

ABI spokesman Malcolm Tarling says: “At the time of the Treasury announcement in December 2001, we argued that we did not feel the regulation of general insurance was necessary but we are stuck with it so we will just have to get on with it.”


Remortgages rise amid loan lull

Advisers are reporting a 14 per cent fall in new mortgage business for the first quarter of this year, according to the Paragon Mortgages financial adviser confidence tracker index survey. The survey reveals that new mortgage introductions fell by 14 per cent to 26.1 per adviser introductions from a record 30.2 in the final quarter […]

What are the long term aims?

Is it the first step to reducing volatility in UK economic cycles, a waste of taxpayers&#39 money on an academic exercise to prove something we already know or a project set up to give Gordon Brown another reason not to join the euro? These are just some of the reason that IFAs and the mortgage […]

DBS MD Pearson to head Misys mega firm

Misys has appointed DBS managing director Steven Pearson to head its new combined mega network of 4,000 member firms. Pearson, who was also previously managing director of Financial Options, will take control as MD of the mega network group created by collapsing all five of its existing IFA networks, Countrywide, DBS, Financial Options, IFA Network […]

Premier Fund Managers – FTSE 100 Growth Plan

Friday, April 18 2003 Type: Capital protected Bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £2,000-£1m Term: Six years Guarantee: Original capital returned in full providing index does not fall by more than 50% and returns to at least its initial level Return: 8% at the end of year […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]


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