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Aifa seeks researcher to compile files in retrospection fight

Aifa is looking for a research firm to help in an initiative designed to protect IFAs against retrospective action by the FSA and Financial Ombuds- man Service.

The Stakes in the Ground project aims to create a universally-accepted source of evidence of current regulatory standards and accepted practices to inform FSA and FOS rulings.

Director general Chris Cummings says it will help prevent the FOS and FSA applying their rules retrospectively.

The trade body has sent out an invitation to tender to research consultancy firms that have expressed an interest in helping with the project. Tenders have to be submitted by September 5.

Cummings says the project has already gained the support of the FSA’s practitioner panel and other trade bodies.

He says: “The investment community has a continuing worry over retrospective action by the FSA and FOS. Examples continue to present themselves where a regulator or ombudsman appears to be applying current regulatory standards to assess actions that were taken against a very different economic and regulatory backdrop. It is now time to engage the whole industry.

“Admittedly ambitious in its undertaking, the Stakes in the Ground project is not proposed to review past history but to map today’s practice.”


Feast of the assumptions

This week, I will conclude my series of articles on recent and imminent developments in the pension world. In my last article, I looked at issues relating to the pro- jection of benefits from final-salary schemes and state pensions. Here, I will move on to the projection of money-purchase benefits, paying particular attention to the impact of statutory money-purchase illustrations.

Innovation in £5k challenge

Structured product provider Product Innovation is challenging multi-managers to a £5,000 bet for charity that its new open-ended structured products will outperform their funds over the next 12 months.

Interest in charges

Like many of my industry colleagues, I felt a surge of indignation on reading Dianne Hayter’s statement that “for the mass market, it is hard to find disinterested, professional, free or moderately priced assistance”. Oh yes? Disinterested is what a judge presiding over a legal conflict between two parties is supposed to be, namely without […]


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