View more on these topics

Actuaries to review new rules after inconsistencies emerge

Pension providers have been advised not to change their systems to comply with new rules for statutory money-purchase illustrations after The Actuarial Profession admitted that they are inconsistent with FSA rules on point-of-sale forecasts.

The rules concern paragraph 11.2.2. in technical memorandum 1.2. drawn up by The Actuarial Prof- ession.
This relates to the change in assumed ages at which members and spouses in statutory money-purchase schemes will take their protected rights’ annuities.

The Actuarial Profession is investigating problems with the rules after some of its members raised con- cerns that they could be inconsistent with FSA rules on point-of-sale forecasts.

It has consulted with the regulator and has advised members not to revise their systems to comply with 11.2.2, saying that the rules will be updated before the new deadline of April 6, 2007.

The Association of British Insurers says it has complained about the initial deadline given to its members for complying with the rules.

It claims that members were only given eight working days to comply with the November 1, 2006 deadline after receiving notification of the rules at the end of October. It says three months is a more realistic timeframe.

An ABI spokesman says: “There needs to be discussion between all the relevant parties to get this right.”

Recommended

Product matters

It is that time of year when I cannot put the phone down without another venture capital trust manager ringing to say they are launching a product shortly. Sorting the good from the bad can be an arduous task. For this reason, it is nice to see someone setting their stall out differently.Having a differentiating […]

Heroes, not villains

The latest villain of the mortgage industry – at least as far as the national media would have us believe – is Abbey. Not for overcharging customers, imposing swingeing fees or randomly repossessing property but for introducing previously unheard of income multiples to help people buy a home.

FSA fines mortgage broker for cold calling and PPI failings

The Financial Services Authority has fined broker Capital Mortgage Connections £17,500 for rule breaches including cold calling potential customers. This is the first time it has taken action against a firm for cold calling, after the FSA investigation found that 85 per cent of its business was generated by cold calling potential customers. The fine […]

Estimates rocket for interest-only loans

The true extent of the interest-only mortgage crisis looks to have been grossly underestimated after the FSA revealed that around 410,000 interest-only mortgages were sold last year alone, with no evidence of a repayment vehicle.FSA retail markets managing director Clive Briault has revealed that 19 per cent of 2.16 million new mortgages sold in 2005 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com