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All change for £20m Raising Standards scheme

FSA managing director John Tiner has stoked fears that the Raising Standards initiative could become redundant, claiming it is based on the old regulatory regime which is about to be overhauled.

Despite saying he was pleased with the progress of the initiative, Tiner, speaking at the Raising Standards annual conference, said a new regime dubbed “son of key features” or key facts document is about to be introduced (see story on right).

ABI director general Mary Francis said more than 50 per cent of the industry is now Raising Standards-accredited and called upon the rest to join.

Companies have spent over £20m to go through the accreditation process and now look set to have to redraft and reprint documentation all over again to meet FSA requirements.

Tiner said: “The problem with Raising Standards is that it is based on the old regulatory structure. We need urgently to impose at a statutory or formal level the quality of documents at point of sale.”

ABI Raising Standards project director Stuart Tragheim says: “I am sure that some chief executives have deferred because they are waiting for the new regime. But accredited companies will be in a better position as they will have already addressed language and layout issues.”

Aegon UK director of bus- iness development and marketing Ken Hogg asks: “Is it right for the FSA to be doing this at this moment in time?”


Regulator to give early warnings on problem companies

The FSA is planning to take the unprecedented step of issuing public guidance about specific problems with firms which could see it give early warnings over stricken companies such as Equitable Life.Unveiling the plans at the Raising Standards conference in London this week, FSA managing director John Tiner, who is widely tipped to become the […]

Compulsion is only way, warns Aussie supremo

Price caps fail to work in a complicated distribution system like the UK and only serve to damage the market according to the architect of the Australian compulsory pension system.Senator Nick Sherry, currently the Australian shadow minister for retirement incomes and savings but was previously the minister in the last Labour government, also says compulsion […]

Giving up the lion&#39s share

The Diary has learnt from a disgruntled group of Antipodian backpackers that they were forced to share their youth hostel dormitory with a family of five from Bristol visiting London for the weekend.We understand that the daddy was none other than Hargreaves Lansdown&#39s ubiquitous pension spokesman Tom McPhail together with his girlfriend and their children […]

NDF Administration – Higher Income & Growth Plan 3

Wednesday, 22 January 2003 Type Guaranteed equity bond Aim: Income or growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £10,000, £7,000 Isa-£1m Term: Five years two months Guarantee: Capital returned in full provided the index does not fall by more than 40% Return: 8% gross income a year, 0. 64% gross […]

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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