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AIFA says FSA is right to press on with FSCS reform

The Association of Independent Financial Advisers has welcomed the FSA’s decision to press ahead with the proposed reform of the Financial Services Compensation Scheme.

The reform, agreed at the FSA’s latest board meeting, would see costs spread more evenly across the financial services industry resulting in fees for some advisers falling by around 50 per cent.

AIFA director general Chris Cummings says the Compensation Scheme is a vital regulatory safety net but is in need of urgent reform if it is to continue to deliver its objectives.

He says: “We are extremely pleased that they are pressing ahead with reform despite opposition from certain sections of the industry. We will soon have a fairer and more robust Compensation Scheme, which will benefit consumers and the industry.

“We hope the FSA will implement these reforms at the earliest opportunity. From the initial figures set out in the Review, many IFAs could see the current FSCS bill of £1200 per head fall by around 50 per cent.”


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Ford quits Royal Liver for Zurich

Royal Liver chief actuary David Ford is leaving to become senior life actuary at Zurich. Ford, who has been at Royal Liver for 12 years, will continue in his current role until the end of the year.

Herbert in benefit move to Origen

Steve Herbert is joining Origen’s corporate pensions team as a senior benefits education consultant from Truestone Employee Benefits.

ASA challenges Churchill over renewal claim

Churchill Insurance has been rapped by the Advertising Standards Authority for making misleading claims in its Challenge Churchill campaign.The ASA has ordered Churchill to change its TV and radio adverts which claim it will beat anyone’s renewal price for car insurance if they have made no claims in three years, after seven people complained that […]


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