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Aifa calls for reduction in costs to execute PBR

Aifa says the FSA must be held accountable for the massive cost that the introduction of principles-based regulation will impose on the industry.

Speaking at a Treating Customers Fairly conference in London, sponsored by Prudential, Aifa deputy director general Fay Goddard said: “This is costing the industry millions. We are very much about accountability. As lighter-touch regulation comes in, we expect to see reduced staff and reduced costs at the FSA.”

But the FSA says any changes that are made to the rulebook due to PBR will go through the usual cost benefit analysis and will need to be passed.

Goddard also called for the FSA to define the role of trade bodies under PBR. She warned the regulator not to let Aifa and other trade associations become a second tier of regulation. “Is the role of trade association going to become one of guidance? We cannot let a trade body become a second tier regulator or a pseudo regulator. These are big changes and we are all in for a rough ride initially,” said Goddard.

FSA spokesman Robin Gordon Walker says: “We will be releasing a discussion paper in November to clarify the issues about the role of industry bodies within the wider MBPR context.”


Canada Life adds three new funds to product range

Canada Life has unveiled two new fund links with M&G and one with F&C to bring the number of funds on its UK life and pensions product range to 72.The group has added the M&G recovery fund and the global basics fund as well as F&C’s UK opportunities fund run by Phil Doel.M&G partnership sales […]

Standard defends Sipp commission

Standard Life has defended claims that it is paying up to 5 per cent commission on internal transfers from its personal pension to its Sipp as a means to grow its Sipp business, saying it is merely offering the same rate it would on outside business coming into its Sipp.

Young dreams

Helen Pow says young people want to have a rich retirement but are not making the necessary investment

SVM to launch ‘positive screening’ pan European SRI fund

SVM Asset Management is launching the all Europe Socially Responsible investment (SRI) fund on October 31.The fund will be run by SVM Continental Europe manager Hugh Cuthbert and SVM UK opportunities manager Neil Veitch and will adopt a ‘positive screening’ approach to investing by engaging with companies rather than ‘negative screening’ which automatically excludes many […]


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