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Amps in apology after Asp attack

The Association of Member-Directed Pension Schemes has apologised to the FSA for attacking its “new requirement” for IFAs to carry out research into a client’s religious background when advising on alternatively secured pensions.

In a speech last week, Amps chairman John Bradley said he feared it was a back-door attempt by Government to enforce a policy which breaks the law and which the Treasury has tacitly admitted to Amps is discriminatory.

Amps has now apologised to the FSA and said it understands there is no new requirement to vet client suitability.

Bradley says: “We now understand from the FSA that its policy is not as set out in our earlier press release but we do believe advisers are still very unclear and would welcome a clear and simple statement of the FSA’s requirements from IFAs.”

Last month, the FSA told Money Marketing that Government restrictions on Asps are nothing to do with its rules but later warned customers wanting an Asp to take Government restrictions into account.


End of an era as Dunbar training centre to be razed

The Zurich training centre in Swindon, where tens of thousands of people trained for careers in financial services with Allied Dunbar, is to be demolished and redeveloped as a four-star hotel. Many leading industry figures trained there, including Home of Choice chief executive Richard Coulson, while Positive Solutions executive chairman David Harrison and Thinc Destini […]

Axa raises bonuses for with-profits

Axa has raised the regular bonus rates on its two with-profits funds by up to 0.75 per cent. The move means investors could see an increase of up to 6 per cent in payouts on the Axa Sun Life with-profits and the Sun Life Assurance Society with-profits funds. Regular bonus rates on ASL’s with-profits bonds […]

Friends Provident appoints new finance chief

Friends Provident has appointed a new group finance director to take over from Philip Moore on November 13.Jim Smart previously group chief financial officer at Boots Group before the merger with Alliance Unichem will be stepping into the role and will join the board on January 1 2007 subject to FSA approval.Philip Moore will succeed […]

SimplyBiz member meetings see record bookings

SimplyBiz says it has seen a record number of bookings for its autumn round of member meetings. The events feature presentations on a number of topical subjects including the effective review of with profits, increasing protection sales, the truth about critical illness, a will writing workshop and compliance update. SimplyBiz marketing director Matthew Timmins says: […]


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