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ABI calls for FSA to deregulate term assurance

The Association of British Insurers is calling for term assurance to be deregulated in the same way as household and motor insurance because it is “straight-forward, simple and easy to find a wide range of competitively priced products.”

The ABI says the FSA’s review of general insurance regulation, due out next week, must provide a consistent principles-based framework for the selling of general insurance and term assurance should be regulated in a similar fashion.

ABI spokesman Jon French says: “Term assurance is a simple product to understand so doesn’t need to be viewed in the same way as other protection products which are more complex and therefore require a higher level of regulation.”

Royal Liver IFA market manager Andy Milburn says: “On the one hand term assurance should be a lightly regulated, simple to understand product but on the other hand issues such as non-disclosure and whether to place cover in trust make you think the opposite.”

Milburn believes it is important that the ABI gauges the views of advisers before deciding how to proceed on this matter and suggests, if it has not done so already, it should consider this as part of the consultation process.


BoE stats show net lending to individuals in May higher than April

New Bank of England statistics have shown that total net lending to individuals in May was higher than the increase in April, but still remains lower than the previous six-month average.The twelve-month growth rate fell 0.2 percentage points to 10.2 per cent. The three month annualised growth rate fell by 0.5 percentage points to 9.2 […]

Wagstaff quits New Star for Gartmore

Phil Wagstaff is leaving New Star to take over as global head of distribution at Gartmore. Wagstaff, who has been head of retail sales and marketing managing director at New Star for 18 months, will be responsible for distribution of retail, institutional and alternative products in the UK, Europe, Japan and the US.

Smoking ban will lead to longer life expectancy

The smoking ban is likely to encourage many people to quit smoking which Hargreaves Lansdown says will lead to increased longevity and therefore a need for more money in retirement.The smoking ban comes in to force in England on July 1 and according to the Office for National Statistics, average cigarette consumption is around 13 […]

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]


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