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Ban on past performance unlikely, says Farnish

The use of past performance in financial ads is unlikely to face an

all-out ban by the FSA, according to the head of its task force examining

the issue.

Consumer director Christine Farnish told BBC Radio 4&#39s Inside Money last week

that banning use of past performance would be seen “by most people as a

very ext-

reme response”.

Her comments go some way to calming industry fears that the regulator will

crack down on its use. The taskforce is due to make its report next month.

Farnish said: “I suspect it would be seen by most people as a very extreme

response because, after all, past performance information is a fact. It may

well be that a better way forward would be to allow past performance

information but try and make sure that it is presented in a fairer way.

“What we would not want to do is to kneejerk in such a way that people

were frightened of investing in any way, shape or form.”

Skandia head of pensions marketing Peter Jordan says: “It would be a nega-

tive move to ban past performance and irresponsible to ignore the track

record of the fund manager or the fund management group.”


Standard Life and Sterling Assurance join AssureWeb

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Industry counts the cost of new tax and pension regime

The new post-April 6 pension and tax regime designed to simplify theframework has resulted in increased admin costs of up to 35 per cent. The regime was conceived with the promise of streamlining the pre-April 6framework but providers claim the new system has delivered an increasedadmin and cost burden as life offices and IFAs try […]

PIA revokes suspension of Blenheim Financial Services

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iShares restructures European fund

iShares is rebranding and restructuring the iFtse ExUK fund.The new name for the exchange traded fund will be the iShares FTSE Euro 100 fund to reflect its new investment stance.The benchmark for the fund will change from the FTSE Ex UK index to the FTSE Euro 100 index. The main differences are that the fund […]

IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


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